AUSTIN, Texas, Jan. 14, 2025 (GLOBE NEWSWIRE) — Mondee Holdings, Inc. (OTC: MOND) (Monday or a company), a market leader in travel and artificial intelligence (AI) technology, today announced that it has entered into a restructuring support agreement that outlines a series of transactions that will strengthen the company's balance sheet and position it for long-term success, including the long term. Paper to sell substantially all of the Company's assets to a newly created entity owned by, among others, affiliates of TCW Asset Management Company LLC and Wingspire Capital LLC (the TCW offering). If TCW's bid is the successful bid, after the closing of the sale, Mr. Prasad Gondumogula will have a 75% stake in the newly formed entity and serve as its CEO.
To effectuate the sale of the Company to the current bidder or to another party with a higher and/or better offer, the Company has voluntarily commenced Chapter 11 proceedings. The Company's existing secured lenders will continue to support the Company throughout the Chapter 11 proceedings by committing an additional $27.5 million in operating capital financing. , in addition to the $21.5 million in funding they recently provided to the company. Throughout the court-supervised process, the Company will operate its business as usual and will continue to support its customers and partners without interruption. The Chapter 11 proceedings do not affect Mundi entities in Brazil, Mexico, India and Canada.
Today’s announcement represents an important step forward for Mondee, our valued customers, partners and our dedicated team as we continue to transform our business for the future,” said newly appointed CEO Jesus Portillo. Through a sustainable capital structure and structured sales process, we will be well equipped to strengthen our leadership in the travel market. We have taken decisive action to overcome past challenges, encouraged by employee engagement, organizational culture and our ability to deliver best-in-class products and services.
Mondee is in the process of filing day one motions in court. The requested relief will ensure a smooth transition to Chapter 11 and the ability to maintain normal operations, including Mondee's obligations to customers and partners and employee pay and benefits.
The company seeks to move quickly through this process and emerge from Chapter 11 at the beginning of the second quarter of 2025.
Advisors
Mondee is represented by Fried, Frank, Harris, Shriver & Jacobson LLP, Young Conway Stargatt & Taylor LLP as legal counsel, M3 Advisory Partners as restructuring counsel, and Piper Sandler & Co. As a restructuring investment banker. TCW is represented by Proskauer Rose LLP and Prasad Gundumogula is represented by White & Case LLP.
Additional information
Additional information regarding the Chapter 11 process is available at https://cases.ra.kroll.com/mondee. Parties with questions may contact the Company's claims agent, Kroll Restructuring Management LLC, by calling (888) 343-0753 (toll-free for U.S. and Canada) or +1 (646) 876-0157 (international) or emailing MondeeInfo @ra.kroll. com.
About Mondee Holdings, Inc. and its subsidiaries
Founded in 2011, Mondee is a market leader in travel and artificial intelligence (AI) technology and is headquartered in Austin, Texas. The company operates 21 global offices across the United States, Canada, Brazil, Mexico, India and Greece. Mondee drives change in the leisure and corporate travel sectors through a wide range of innovative solutions. Available as an app and across the web, the company's platform processes more than 50 million daily searches and generates a high volume of transactions annually. Mondee Marketplace includes access to Abhi, one of the most powerful and integrated AI travel planning assistants on the market. Mondee's network and marketplace include nearly 65,000 travel experts, more than 500 airlines, more than 1 million hotels and vacation rentals, 30,000 rental car pickup locations, and more than 50 cruise lines. The company also offers bundled solutions and add-on offerings that serve its global distribution. For more information, visit: www.mondee.com.
Forward-looking statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by words such as: believe, could, might, estimates, expects, might, should, expects, intends, potentially, plans, seeks, will, approximately, or in each case, the negatives thereof or other variations thereof or similar terminology. , although forward-looking statements do not contain these words. These forward-looking statements reflect the current beliefs and expectations of management pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition, liquidity, and development of the industry in which we operate may differ materially from the forward-looking statements contained in here. Any forward-looking statements we make in this press release speak only as of the date of this press release, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. Events. The Company's forward-looking statements in this press release include, but are not limited to, the Company's ability to successfully complete its restructuring and emerge from Chapter 11 cases, including by entering into a restructuring support agreement and ultimately meeting the conditions and milestones specified. In it; The company's plans to sell its assets under Chapter 11 of the Bankruptcy Code; the Company's intent to continue operations during the Chapter 11 cases; The Company's belief that a 363 sale will be in the best interests of the Company and its stakeholders; and other statements relating to the company's strategy, future operations, performance and prospects, among other things. These forward-looking statements are based on current expectations and beliefs regarding future developments and their potential effects. There can be no assurance that future developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions that could cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the potential adverse impact of these issues on the Company's liquidity and results of operations; the unpredictability of trading markets and whether a market will be created for the Company's common stock; changes in the Company's ability to meet its financial obligations during litigation and maintain contracts that are critical to its operations; the outcome and timing of the issues and any potential sale of assets; the impact of the filing of lawsuits and any potential sale of assets on the Company's relationships with vendors, regulatory authorities, employees and other third parties; potential actions that may be brought by third parties in connection with lawsuits or potential asset sales; uncertainty about obtaining court approval for the sale of the Company's assets or other terms of a potential asset sale; and the timing or amount of any distributions, if any, to stakeholders in the Company.
Nothing in this press release should be taken as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the anticipated results of such forward-looking statements will be achieved. In light of the significant uncertainties surrounding these forward-looking statements, you should not rely on the forward-looking statements as predictions of future events. Except as required by law, Mondee undertakes no obligation to publicly update any forward-looking statements for any reason.
For more information, contact:
Public relations
pr@mondee.com
Investor relations
ir@mondee.com
Source: Mundi Holding Company
