Mondee Files for Chapter 11 Bankruptcy, in Pact to Sell Assets

Mondee Holdings Inc. files for Chapter 11 proceedings and enters into a restructuring support agreement to substantially sell all assets, according to company statement.

• Co. to sell assets to a newly formed entity owned by, among others, affiliates of TCW Asset Management Company and Wingspire Capital
  • If TCW Bid is successful, Prasad Gundumogula will have a 75% equity stake and serve as CEO of the new entity
• Co.’s existing lenders will commit to an additional $27.5 million financing for operating capital, in addition to the $21.5 million of financing recently made available
• Business to continue operating as usual
• Chapter 11 ...