Lenders to Hand Back Bankrupt Travel Platform Mondee to Founder

Lenders are set to take over travel booking platform Mondee Holdings Inc. and sell a majority stake in the company to its founder and chairman, after a US bankruptcy judge approved the plan.

“The sale is in the best interest of the debtors,” and there is no evidence of collusion or fraud, Judge J. Kate Stickles ruled on Thursday, after hearing opposing arguments the prior day.

Secured lenders TCW Asset Management and Morgan Stanley, which provided debtor-in-possession financing and also served as the stalking horse bidder for the company, will purchase substantially all of Mondee’s assets for $191 million ...