Zen JV: CareerBuilder and Monster's 113-Day Liquidation

Zen JV, LLC, the joint venture formed from the September 2024 merger of CareerBuilder and Monster, filed for chapter 11 bankruptcy protection on June 24, 2025, in the United States Bankruptcy Court for the District of Delaware. The filing ended the combined operations of the two job board businesses, which faced competition from AI-driven hiring tools and job aggregators. Nine months after the merger, the company filed with $2.2 million in cash against nearly $400 million in funded debt. The case moved from petition to asset sale closing in 37 days, and the auction nearly doubled recoveries from the initial stalking horse bids. The chapter 11 plan of liquidation received unanimous creditor approval and became effective on October 14, 2025, 113 days after the filing, transferring the brands to new owners while leaving secured creditors with recoveries below 10%.

Apollo Global Management's $500 million investment in CareerBuilder and Randstad's $429 million Monster acquisition totaled about $930 million. The debtors attracted twelve qualified bidders, ran a three-day auction across three asset pools, and closed all sales within 37 days of filing.

Company Background and 2024 Merger

Monster and CareerBuilder were early online job board companies. Monster, founded in 1994 by Jeff Taylor, and CareerBuilder, established in 1995, moved job searching from newspaper classifieds to digital platforms by allowing job seekers to upload resumes and search listings online.

During the dot-com boom, both brands marketed heavily and expanded their platforms. CareerBuilder emerged from the consolidation of NetStart Inc. and CareerPath.com, building relationships with major newspaper companies including Tribune, Gannett, and Knight Ridder that provided distribution. Monster, meanwhile, pursued a direct-to-consumer strategy emphasizing brand awareness through television advertising.

Monster's 1999 Super Bowl commercial "When I Grow Up" featured children expressing career aspirations, including "I want to be a yes-man" and "I want to claw my way up to middle management." The advertisement aired during Super Bowl XXXIV in January 2000, an event that became known as the "Dot-Com Super Bowl" after 14 different internet companies purchased advertising slots averaging $2.2 million each. Monster invested approximately $4.5 million in a package that included three pre-game spots and two in-game advertisements.

The competitive landscape shifted over the following two decades. LinkedIn, founded in 2003, introduced a different model—a professional networking platform where job searching was one component of ongoing career management. Indeed, launched in 2004, used a job aggregation model that pulled listings from across the web and presented them in a single interface. Specialized platforms like Glassdoor added employer reviews and salary transparency, while ZipRecruiter focused on algorithmic matching between candidates and employers.

Indeed now commands 33.08% of the job board market, with LinkedIn Jobs holding 24.04%. Microsoft's 2016 acquisition of LinkedIn for $26.2 billion preceded an estimated $16.37 billion in LinkedIn revenue by 2024. Indeed claims more than 580 million users across 60 countries.

Both companies underwent ownership changes. Randstad acquired Monster for $429 million in November 2016. The following year, Apollo Global Management acquired a majority stake in CareerBuilder in a deal that valued the company at approximately $500 million. The newspaper companies that had built CareerBuilder exited in the transaction: TEGNA, the majority owner with 53% of CareerBuilder, received $250 million for selling 40.5%, Tribune received $157 million for its 24% stake, and McClatchy received $68 million for its 15% ownership.

Apollo and Randstad merged their job board investments in September 2024, creating Zen JV, LLC as the holding company for the combined entity. The transaction was intended to help both companies achieve synergies.

The combined enterprise operated through ten affiliated entities, including Monster Worldwide LLC, CareerBuilder LLC, FastWeb LLC, Military Advantage LLC, and Monster Government Solutions LLC. This holding company structure separated the liabilities of the operating companies from their private equity and strategic investors.

Prepetition Financial Distress

The merged entity carried substantial legacy debt from both predecessor companies. At the time of the chapter 11 filing, Zen JV's capital structure showed the following amounts:

The Washington Post reported that the company's petition estimated assets between $50 million and $100 million against liabilities of $100 million to $500 million.

Bloomberg, citing Moody's data, reported that CareerBuilder's 2024 revenue fell approximately 40% to roughly $49.2 million.

Court filings revealed that the company failed "to evolve at the pace necessary to combat the competitive landscape with the rise of job aggregators and AI driven hiring tools."

Weeks before the bankruptcy filing, Zen JV disclosed workforce reductions. On June 5, 2025, the company filed a WARN notice with the state of Illinois notifying authorities of planned layoffs affecting 390 employees. The notice, signed by CEO Jeff Furman, indicated that terminations would begin August 4, 2025 and would coincide with the closure of the company's headquarters at 200 N. LaSalle Street in Chicago. BOLD Holdings committed to retaining at least 350 employees as part of its winning bid.

Chapter 11 Filing and DIP Financing

Zen JV and nine affiliated debtors filed chapter 11 petitions on June 24, 2025, commencing jointly administered proceedings before Judge J. Kate Stickles in the District of Delaware.

The ten debtor entities comprised:

The debtors filed first day motions seeking authority to continue operations during the bankruptcy process. These included motions for cash management continuation, employee wage and benefit payments, and maintenance of customer programs. The company reported $2.2 million in cash at filing.

The cash management motion authorized continuation of the debtors' existing bank accounts, intercompany payment practices, and treasury management systems. The employee wages motion allowed payroll and benefits to continue, and the customer programs motion protected prepaid services and other obligations to existing platform users.

The DIP financing motion followed on June 26, 2025, and the court conducted first day hearings on June 27, 2025, entering interim orders that authorized continued business operations while the sale process proceeded.

To fund operations during the bankruptcy proceedings, Zen JV secured debtor-in-possession financing from JMB Capital Partners Lending, LLC:

The DIP financing granted JMB Capital superpriority administrative expense claims under Section 364(c)(1), priming all other administrative claims except for a negotiated carve-out protecting professional fees. The facility was governed by an approved budget with variance reporting requirements, and the DIP order authorized continued use of prepetition cash collateral in addition to new borrowings.

Section 363 Sale Process

The debtors moved to monetize assets through a section 363 sale process. The sale motion filed on June 25, 2025—one day after the bankruptcy petition—outlined a proposed marketing and auction process for three distinct asset pools. The court entered a bidding procedures order on July 8, 2025, establishing the framework for a competitive sale process.

By the July 15, 2025 qualified bid deadline, twelve bidders had submitted qualifying bids for the various asset pools.

The debtors entered into stalking horse agreements with three initial bidders who set floor prices for each asset pool:

The stalking horse bidders received customary bid protections including expense reimbursement. JobGet, a platform focused on gig and hourly workers, was the initial bidder for the core job board business.

The auction conducted from July 17-19, 2025, nearly doubled total recovery compared to the initial stalking horse bids:

The job board auction produced the largest increase over the stalking horse bid. BOLD Holdings outbid JobGet with a $28.4 million offer—more than four times the original stalking horse bid. JobGet increased its offer to $27 million in competitive bidding, but BOLD prevailed, committing to retain at least 350 employees along with the purchase.

The Monster Government Solutions business attracted similar competitive interest, with Sherrill-Lubinski LLC and Eti-Net Inc., operating through PartnerOne Capital, more than doubling the Valsoft stalking horse bid. The media properties auction, while producing a smaller percentage uplift, still added nearly $5 million to creditor recoveries.

BOLD Holdings, LLC: Headquartered in Puerto Rico with offices in India and Poland, BOLD operates career-focused platforms including MyPerfectResume, FlexJobs, Zety, LiveCareer, and Sonara. The company's founders, Doug Jackson and Jamie Freundlich, are former Monster employees. BOLD committed to retaining the Monster and CareerBuilder brand names along with at least 350 employees.

Iron Corp US Inc.: Acquired Military.com and FastWeb.com, properties serving the military community and students. FastWeb has operated since 1995, maintaining a database of 1.5 million scholarships worth $3.4 billion with over 9 million members.

PartnerOne Capital (Sherrill-Lubinski/Eti-Net): Acquired Monster Government Solutions, maintaining focus on government sector recruiting technology.

The sale raised regulatory considerations under Section 332 of the Bankruptcy Code, which requires appointment of a Consumer Privacy Ombudsman when a debtor proposes to sell personally identifiable information outside the ordinary course of business. On July 8, 2025, the court directed the U.S. Trustee to appoint an ombudsman to assess privacy implications of transferring job seeker profiles and resume databases across multiple buyers.

The court conducted sale hearings on July 24, 2025, and entered sale orders approving all three transactions on July 28-29, 2025. All sales closed on July 31, 2025—37 days from the petition date.

Plan of Liquidation and Confirmation

Following the successful asset sales, the debtors filed a combined disclosure statement and plan of liquidation on August 19, 2025. The plan evolved through amendments that incorporated a global settlement among key stakeholders:

The plan established seven classes of claims and interests, with three voting classes and four deemed classes:

Despite the auction that nearly doubled recoveries, creditors would receive less than 10% of their claims. The disclosure statement estimated:

Noteholders and lenders owed nearly $363 million would divide approximately $33.6 million in sale proceeds, with up to $3 million potentially available for other unsecured creditors.

All three voting classes accepted the plan unanimously, eliminating any need for cramdown confirmation:

The voting deadline was October 3, 2025, with Omni Agent Solutions serving as the solicitation agent. The amended plan incorporated a global settlement among the debtors, JMB Capital Partners (DIP lender), the Official Committee of Unsecured Creditors, Randstad N.V., and prepetition secured lenders. The settlement resolved potential disputes over DIP claim treatment, adequate protection obligations, intercompany claims, and allocation of sale proceeds among creditor classes. Key terms included establishment of a professional fee reserve, resolution of Randstad's contributions in exchange for releases, and agreed allocation of proceeds.

The plan contained customary release provisions under Article XII:

Released parties included the debtors, estates, DIP lender, prepetition secured parties, the unsecured creditors' committee and its members, current and former directors and officers, and retained professionals. The plan utilized a Third Circuit-compliant opt-in mechanism for third-party releases.

The confirmation hearing was held on October 7, 2025, with the court entering a confirmation order that same day. The confirmation memorandum demonstrated satisfaction of Section 1129(a) requirements, including the best interests test (section 363 recoveries exceeded hypothetical chapter 7 liquidation value), feasibility, and good faith. With all impaired classes voting unanimously to accept, no cramdown analysis under Section 1129(b) was required.

The plan established the Zen JV Liquidation Trust on the effective date, October 14, 2025, to manage and distribute remaining assets. The trust received residual cash after payment of allowed administrative claims, reserves for disputed claims, and any retained causes of action. Distributions follow a priority waterfall: administrative claims first, then priority claims (Classes 1-2), prepetition term loan claims (Class 3) pro rata, prepetition notes claims (Class 4) pro rata, and finally general unsecured claims (Class 5) on a subordinate pro rata basis. The trust structure replaced the corporate debtors, allowing dissolution while preserving claims administration functions.

The plan became effective October 14, 2025—113 days after the initial petition date.

Professional Advisors

Restructuring professionals retained during the chapter 11 process:

Latham & Watkins announced its representation following the court-approved sale transactions.

Industry Context

The Zen JV bankruptcy followed Apollo Global Management's $500 million investment in CareerBuilder and Randstad N.V.'s $429 million Monster acquisition, a combined total of about $930 million. Secured creditor recoveries were below 10%.

The recruitment technology sector has consolidated, with market share concentrated among a small number of platforms:

Indeed claims more than 580 million users across 60 countries, while LinkedIn generated an estimated $16.37 billion in revenue during 2024.

Frequently Asked Questions

What caused the CareerBuilder and Monster bankruptcy?

The bankruptcy followed the September 2024 merger, a revenue decline of approximately 40% at CareerBuilder during 2024, competition from hiring platforms like LinkedIn and Indeed, and the company's filing nine months after closing with $2.2 million in cash against nearly $400 million in funded debt.

Who bought CareerBuilder and Monster?

Three buyers acquired the company's assets through a section 363 auction: BOLD Holdings purchased the core job board business (CareerBuilder and Monster platforms) for $28.4 million; Iron Corp US Inc. acquired the media properties (Military.com and FastWeb.com) for $27.3 million; and PartnerOne Capital (through Sherrill-Lubinski and Eti-Net) purchased Monster Government Solutions for $13.1 million. Total auction proceeds reached approximately $68.7 million.

How much did creditors recover in the Zen JV bankruptcy?

Secured creditors holding the prepetition term loan recovered approximately 8.9%, while noteholders recovered approximately 9.5%—both well under 10%. General unsecured creditors received between 0% and 9.7% depending on the ultimate reconciliation of claims. Equity interests were cancelled without any distribution.

How long did the Zen JV bankruptcy case take?

The case moved quickly: 37 days from petition (June 24, 2025) to asset sale closing (July 31, 2025), and 113 days from petition to plan effective date (October 14, 2025).

Who owned CareerBuilder and Monster before bankruptcy?

Apollo Global Management owned a majority stake in CareerBuilder following its 2017 acquisition at a $500 million valuation. Randstad N.V., the Dutch human resources conglomerate, owned Monster following its $429 million acquisition in November 2016. The two companies merged their job board investments in September 2024, creating Zen JV as the holding company.

Will CareerBuilder and Monster continue to operate?

Yes. BOLD Holdings acquired both brands along with the underlying job board technology and committed to retaining at least 350 employees. BOLD operates other career-focused platforms including MyPerfectResume, FlexJobs, Zety, and LiveCareer. The company's founders are former Monster employees.

How much DIP financing did Zen JV receive?

JMB Capital Partners Lending provided up to $20 million in debtor-in-possession financing at 12% annual interest, with a 3% upfront fee and 6% exit fee. The DIP facility carried superpriority administrative expense status under Section 364(c)(1), ensuring the DIP lender would be repaid ahead of other administrative claims.

What happened in the auction for CareerBuilder and Monster?

Twelve qualified bidders submitted bids by the July 15, 2025 deadline. A three-day auction held July 17-19, 2025, nearly doubled recoveries from initial stalking horse bids. BOLD Holdings' winning $28.4 million bid represented a 305% premium over JobGet's $7 million stalking horse bid. Total proceeds increased from $35.5 million (stalking horse) to approximately $68.7 million (auction results).

Was a Consumer Privacy Ombudsman appointed?

Yes. On July 8, 2025, the court directed the U.S. Trustee to appoint a Consumer Privacy Ombudsman under Section 332 of the Bankruptcy Code. The ombudsman was required to assess privacy implications of transferring job seeker profiles and resume databases across three different buyers.

How many employees were affected by the Zen JV bankruptcy?

Approximately 390 employees received WARN Act notices in early June 2025, with terminations set to begin August 4, 2025 coinciding with closure of the Chicago headquarters at 200 N. LaSalle Street. However, BOLD Holdings committed to retaining at least 350 employees as part of its winning bid for the core job board assets.

Who is the claims agent for Zen JV?

Omni Agent Solutions, Inc. serves as the claims and noticing agent. The firm maintains the official claims register and distributes case notifications to creditors and parties in interest.

For comprehensive analysis of technology sector bankruptcies and restructuring trends, visit ElevenFlo's bankruptcy blog.