Bankruptcy: Mondee Holdings, Inc.

Form Type: 8-K

Filing Date: 2025-04-09

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000182885225000020

Filing Summary: On April 3, 2025, Mondee Holdings, Inc. and certain of its US subsidiaries, collectively referred to as the Debtors, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in Delaware. Following the filing, on February 18, 2025, the Company entered into an Asset Purchase Agreement with an affiliate of the DIP Lenders to sell substantially all of its assets. This Sale Transaction was approved by the Court on March 27, 2025, and was consummated on April 3, 2025. Additionally, several board members, including Mr. Prasad Gundumogula, Mr. Jesus Portillo, and others, resigned from their positions effective upon closing of the Sale Transaction, with some taking on roles with the Purchaser. On April 4, 2025, a joint press release was issued regarding the completion of the Sale Transaction. The trading of Class A common stock during this bankruptcy period is considered highly speculative, and investors may incur significant losses. The document includes cautionary forward-looking statements about the company's operations and the risks associated with the Chapter 11 filings.

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Form Type: 8-K

Filing Date: 2025-03-27

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000182885225000017

Filing Summary: On March 21, 2025, Mondee Holdings, Inc. and several of its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The report includes that the Debtors are required to file monthly operating reports as part of the bankruptcy proceedings and future reports will also be made available online. It cautions investors regarding reliance on the summaries provided in these reports, noting that they are not audited and may not be complete. Additionally, it warns about the speculative nature of trading the company's Class A common stock during this time, with expectations of possible significant losses for stockholders. The report also contains forward-looking statements related to the company's ability to restructure and emerge from bankruptcy, highlighting uncertainties in the process including potential asset sales and the impact on stakeholder relationships.

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Form Type: 8-K

Filing Date: 2025-02-24

Corporate Action: Bankruptcy

Type: New

Accession Number: 000182885225000013

Filing Summary: On February 18, 2025, Mondee Holdings, Inc. filed for Chapter 11 bankruptcy protection along with certain subsidiaries. This action was part of a broader strategy involving asset sales to address financial obligations. A 'stalking horse' asset purchase agreement was entered into with a purchaser, which includes a credit bid of approximately $191 million against their debts. The Company has begun a bidding process, allowing for competing offers to be solicited. The asset sale is subjected to court approval and is intended to maximize the value for stakeholders. During the bankruptcy proceedings, the Company cautions that trading in its Class A common stock is speculative, and significant losses on investments are expected for shareholders. The Asset Purchase Agreement lays out various conditions and potential termination clauses, emphasizing the intricate legal and financial landscape the Company is navigating as part of its restructuring efforts.

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Form Type: 8-K

Filing Date: 2025-01-15

Corporate Action: Bankruptcy

Type: New

Accession Number: 000182885225000010

Filing Summary: On January 7, 2025, Mondee Holdings, Inc. filed Form 8-K reporting its voluntary Chapter 11 bankruptcy petition along with certain subsidiaries, aimed at restructuring its financial obligations. The company entered a Material Definitive Agreement for an Amendment No. 25 involving a new term loan of $6 million. They are proceeding with a restructuring plan which includes a Restructuring Support Agreement (RSA) with lenders, a Stalking Horse Term Sheet for asset sale, and entered a Debtor-In-Possession (DIP) Credit Agreement valued at $110 million. The bankruptcy process provides the ability to operate as 'debtors-in-possession' with several ongoing motions in court to facilitate operations during this transition. The company cautioned that trading of its Class A common stock during this period poses substantial risks, predicting potential complete losses for shareholders. Key restructuring milestones include obtaining court approvals for financing facilities and completing asset sales within set timelines, although the success of the plan remains uncertain and subject to court validation.

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