Ebix Files For Bankruptcy, Gets $400 Million Stalking-Horse Bid For North American Business

Dow Jones

2023-12-18

By Will Feuer

Ebix, which provides on-demand infrastructure exchanges to various sectors, has filed for bankruptcy and said it has received a $400 million, stalking-horse bid for its North American business.

Zinnia, a life insurance and annuity company owned by conglomerate Eldridge Industries, submitted the stalking-horse bid for Ebix's North American Life and Annuity assets. The bid sets a baseline for other competitive offers.

Ebix said it will continue to operate during bankruptcy proceedings. The company noted that its North American Life and Annuity assets generated less than 15% of its revenue for the nine months that ended Sept. 30.

Last month, Ebix reported third-quarter results that showed operating revenue fell about 54% from a year ago. The company also swung to a loss for the quarter of 33 cents a share.

"These are difficult times for the company," Chief Executive Robin Raina said at the time.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 18, 2023 06:30 ET (11:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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