Continuing to Provide Clients with Cutting-Edge Solutions and Unmatched Service During Sale Process.
CareerBuilder + Monster announced that it has initiated a court-supervised sale process to maximize value, preserve jobs and seamlessly transition ownership of its businesses. Specifically, the Company:
- Entered into an asset purchase agreement with JobGet Inc. for the sale of the Company’s job board business, which provides a talent marketplace connecting employers with job candidates;
- Entered into an asset purchase agreement with Valnet Inc. for the sale of Monster Media Properties, which is comprised of www.military.com and www.fastweb.com; and
- Entered into an asset purchase agreement with Valsoft Corporation for the sale of Monster Government Services, which provides human capital management software services to state and federal governments.
With the support of each of the “stalking horse” buyers and to facilitate the sales, the Company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware.
The Company is providing clients with cutting edge solutions and unmatched service during the court-supervised sale process.
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Jeff Furman, CEO of CareerBuilder + Monster, said “For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe. However, like many others in the industry, our business has been affected by a challenging and uncertain macroeconomic environment. In light of these conditions, we ran a robust sale process and carefully evaluated all available options. We determined that initiating this court-supervised sale process is the best path toward maximizing the value of our businesses and preserving jobs.”
The Company’s sale process is complemented by related restructuring actions that are in the process of being implemented across its U.S. businesses. The Company is also conducting a comprehensive evaluation of the strategic alternatives available for certain of its international businesses.
Mr. Furman said, “As we work to complete the sale process, we are making difficult but necessary decisions to reduce costs and help ensure a seamless transition of our businesses. As a company in the business of people and talent management, reducing our workforce is always a painful step to take. I greatly appreciate our people, their contributions to CareerBuilder + Monster and the commitment and passion they have shown to our company, our clients and our colleagues.”
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Additional Information About the Court-Supervised Sale Process
The Company intends to conduct the sale process under Section 363 of the U.S. Bankruptcy Code, pursuant to which Valnet Inc., Valsoft Corporation and JobGet Inc. would serve as the “stalking horse” bidders in a court-supervised sale process. The proposed transactions are subject to higher and better offers, among other conditions. Subject to court approval, the sales of the Company’s businesses are expected to close in the coming weeks.
CareerBuilder + Monster is in the process of finalizing an agreement with Blue Torch Capital for up to $20 million in debtor-in-possession (“DIP”) financing. This DIP financing is expected to provide the Company with the necessary funds to continue to operate the business for purposes of effectuating the sales.
The Company has filed a number of customary motions seeking court authorization to support its operations during the court-supervised process, including the continued payment of employee wages and other benefits. The Company intends to pay vendors and suppliers to its U.S. businesses in full under normal terms for goods and services provided on or after the Chapter 11 filing date.
Court filings and other information related to the proceedings, including instructions on how to file a proof of claim, are available on a website administered by the Company’s claims agent, Omni Agent Solutions (“Omni”) at https://omniagentsolutions.com/CareerBuilderMonster, by calling Omni toll-free at (888) 841-0525 or (818) 924-2298 for calls originating outside of the U.S. or Canada, or by sending an email to CareerBuilderMonsterInquiries@OmniAgnt.com.
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Source: PR Newswire
