(WJET/WFXP) — Mondee, a leading travel marketplace and AI company, filed for Chapter 11 bankruptcy late Tuesday night and announced plans to sell a large portion of its assets to a newly formed company.
According to court documents, the company currently holds $363 million in assets and $359 million in debt owed to over 1,000 creditors. The company has announced they have secured $49 million in capital to sustain the business during the restructuring process.
The company is planning to sell its assets to a newly formed entity, owned by affiliates of TCW Asset Management Company LLC and Wingspire Capital LLC. According to the press release, if the bid is successful, Mondee’s co-founder Prasad Gundumogula will hold a majority stake in…
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