Company Overview - Mondee Holdings Inc is a leading travel marketplace and AI technology company headquartered in Austin Texas with 21 global offices across the US Canada Brazil Mexico India and Greece [7] - The company operates a platform processing over 50 million daily searches and generating substantial annual transactional volume through its app and web interface [7] - Mondee Marketplace includes Abhi a powerful AI travel planning assistant and connects approximately 65000 travel experts 500+ airlines over 1 million hotels and vacation rentals 30000 rental car locations and 50+ cruise lines [7] Restructuring Process - The company has entered into a restructuring support agreement and initiated Chapter 11 proceedings to sell substantially all assets to a newly formed entity potentially owned by TCW Asset Management and Wingspire Capital affiliates [5][9] - Existing secured lenders have committed an additional 215 million financing to support the company during Chapter 11 [9] - The company aims to emerge from Chapter 11 by the beginning of Q2 2025 maintaining normal operations and commitments to customers partners and employees throughout the process [2][9] Leadership and Advisory - Jesus Portillo is the newly appointed CEO emphasizing the company's sustainable capital structure and structured sales process to enhance leadership in the travel market [1] - Prasad Gundumogula is set to hold a 75% equity stake and serve as CEO of the newly formed entity if the TCW Bid succeeds [5] - Mondee is represented by Fried Frank Harris Shriver & Jacobson LLP and Young Conway Stargatt & Taylor LLP as legal counsel with M3 Advisory Partners and Piper Sandler & Co as restructuring advisors [3] Business Operations - The Chapter 11 proceedings do not impact Mondee entities in Brazil Mexico India and Canada [9] - The company continues to operate its business as usual supporting customers and partners without disruption during the court-supervised process [9]
Mondee Takes Strategic Action to Position the Company for Long-Term Growth