A Sidley team represented Ebix, Inc. in its filing for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas on December 17, 2023. Ebix, a publicly traded leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries, listed assets, and liabilities between US$500 million and US$1 billion, including a prepetition credit facility in the amount of approximately US$617 million.
In connection with the filing, Ebix reached a “stalking horse” agreement to sell its North American Life and Annuity assets to Zinnia, an Eldridge business and leading life insurance and annuity technology and service company, for US$400 million. The Zinnia bid will act as a baseline for competitive bids for the acquisition of the North American Life and Annuity assets in the Chapter 11 cases. In addition, Ebix secured a US$105 million debtor-in-possession facility to fund the case, which includes up to US$35 million in new money commitments. The team representing Ebix is led by Steve Hessler, Tom Califano, and Rakhee Patel (all Restructuring) and includes Scott Parel (Private Equity), Justin Macke (Private Equity), Julie Ann Rosenberg Lamm (Global Finance), Ameneh Bordi (Restructuring), and Jeri Leigh Miller (Restructuring).
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