Ebix committee objects to bid procedures for remaining assets

By Sarah Lizee

Olympia, Wash., April 9 – Ebix, Inc.’s motion for approval of bid procedures for its remaining assets drew an objection from the official committee of unsecured creditors, according to documents filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.

The group said it supports maximizing the value of the remaining assets, but the proposed timeline under the bid procedures does not do that.

“The proposed timeline unnecessarily hinders the debtors’ ability to identify the right buyers, assist in buyer/plan sponsor diligence, consider alternative structures, and negotiate the best transaction structure, reducing the value available for the remaining stakeholders,” the committee said in the objection.

The committee said the bid deadline should be moved to June 14 from May 1, the auction should be moved to June 21 from May 8 and the sale hearing should be moved to June 28 from May 14.

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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