In a major restructuring for the online employment industry, Zen JV, LLC and its affiliated entities, which operate the CareerBuilder and Monster job sites, filed for Chapter 11 bankruptcy protection on Monday while simultaneously announcing stalking horse agreements totaling $35.5 million for its three core business segments.
The Delaware bankruptcy filing reveals that the company has secured stalking horse bidders for its trio of business lines: JobGet Inc. has offered $7 million for the CareerBuilder and Monster job board business; Valnet US Inc. has bid $22.5 million for the Monster Media Properties business which includes Military.com and FastWeb.com; and Valsoft Corporation has proposed $6 million for the Monster Government Services business.
"The Debtors expect these sales, if consummated, to preserve hundreds of jobs and maximize value of the Debtors' estates," according to the motion filed with the U.S. Bankruptcy Court for the District of Delaware.
The company reported approximately $2.2 million in cash on hand as of the petition date and is negotiating a $20 million debtor-in-possession financing facility that is expected to last until late July, creating urgency around the sale process. The limited liquidity has driven an expedited timeline, with a qualified bid deadline of July 15 and an auction, if necessary, scheduled for July 17.
"The Debtors simply do not have the liquidity for a longer process, nor do they think a longer process would add meaningful value given the prepetition marketing efforts," the company stated in its filing.
The bankruptcy comes after a marketing process that began in April 2025 and included outreach to approximately 200 potential buyers. The motion indicates the prepetition marketing efforts already featured "several rounds of negotiations with a number of bidders" before the stalking horse agreements were finalized.
Each stalking horse bidder will receive certain bid protections if they are outbid through the bankruptcy auction process. JobGet's protections include a 3% breakup fee and $450,000 expense reimbursement, while Valnet will receive a 2% breakup fee and $300,000 expense reimbursement. Valsoft's protections include a 2% breakup fee and $600,000 expense reimbursement.
The three business segments being sold represent distinct operations:
- The CareerBuilder and Monster job board business provides "a talent marketplace connecting employers with job candidates"
- The Monster Media Properties business is comprised of Military.com, which "connects service members, military families, and veterans to all the benefits of service," and FastWeb.com, which "provides online resources for paying and preparing for college"
- The Monster Government Services business "provides human capital management software services to state and federal governments"
The case is being heard in the U.S. Bankruptcy Court for the District of Delaware (Case No. 25-11195). The debtors are represented by Latham & Watkins LLP and Richards, Layton & Finger, P.A.
Judge J. Kate Stickles is assigned to the case, which includes a request for joint administration of all related entities. A hearing on the bidding procedures is expected soon, with the company requesting that the court approve the sales on or before July 23.
"After a prepetition marketing process that started in April 2025, featured outreach to approximately 200 potential buyers, and resulted in several rounds of negotiations with a number of bidders," the debtors reached agreements with the three stalking horse bidders, according to the filing.
The debtors' investment banker, PJT Partners, will continue to market the assets to potentially secure higher bids before the July 15 deadline.
This article was prepared using Stretto Conductor, our new AI-powered assistant that's here to help. Stretto Conductor was able to create this summary of a 38 page court filing in less than a minute. Always review the underlying docket filings for accurate information. The information and responses generated by Stretto Conductor may contain errors or inaccuracies and should not be relied upon as a substitute for professional or legal advice.