Ebix files Chapter 11 plan, asks for June 25 confirmation hearing

By Sarah Lizee

Olympia, Wash., March 25 – Ebix, Inc. filed a Chapter 11 plan of reorganization and disclosure statement on Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

The company has asked for a June 25 plan confirmation hearing.

The company said the plan will be funded by either a refinancing of the debt under its prepetition credit agreement, a tender offer for the debt, an equity financing, a sale of its assets, or the creation of a litigation trust.

Under the plan, other secured claims, other priority claims and intercompany interests are unimpaired.

Holders of prepetition secured lender claims will receive payment in cash so that the claims are paid in full, or a pro rata share of available cash, which would leave the claims impaired.

Holders of general unsecured claims will receive their pro rata share of available cash after prepetition secured claims have been paid in full. Holders of general unsecured claims that are not paid in full from available cash will receive a pro rata share of litigation trust interests.

Intercompany claims will be paid, adjusted, reinstated or discharged.

Holders of section 510(b) claims will receive their pro rata share of available cash remaining after higher-priority classes are paid in full.

If prepetition secured lender claims are impaired, then existing equity interests will be deemed canceled. Otherwise, existing equity interest holders will have their interests reinstated or receive their pro rata share of available cash remaining after higher-priority classes are paid in full.

Ebix is a Johns Creek, Ga.-based international supplier of on-demand software and e-commerce services to the insurance, financial, health care and e-learning industries. The company filed bankruptcy on Dec. 17 under Chapter 11 case number 23-80004.

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