EBIX INC: Nasdaq/NYSE listing notice — Ebix files for Chapter 11 bankruptcy; enters $105M DIP facility and stalking horse APA for NA L&A assets at $400M

EBIX INC

Filed Chapter 11 on Dec 17, 2023; will operate as debtor-in-possession under Bankruptcy Court.
RSA with consenting lenders (two-thirds of principal); DIP facility of $105M ($35M new money + $70M conversion).
Stalking horse APA with Zinnia to buy NA L&A assets for $400M base; subject to higher bids and court approval.
Nasdaq notified delisting; trading suspended Dec 28, 2023; company considering appeal.
Approved retention bonuses for CFO Amit Garg ($200K + incentive up to $775K) and James Senge ($10K + up to $77.5K).

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Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

EBIX INC entered chapter 11 in United States Bankruptcy Court for the Northern District of Texas (petition 2023-12-17).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Northern District of Texas
Petition: 2023-12-17

Exact text from the filing

On December 17, 2023 (the “ Petition Date ”), Ebix, Inc. (“ Ebix ” or the “ Company ”) and certain of its direct and indirect subsidiaries (together with the Company, the “ Debtors ”) filed voluntary petitions to commence proceedings under chapter 11 (the “ Chapter 11 Cases ”) of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the Northern District of Texas (the “ Bankruptcy Court ”).

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

EBIX INC received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

Exchange: nasdaq
Notice: delisting notice
Rules: 5101, 5110(b), IM-5101-1

Exact text from the filing

December 18, 2023, the Company received written notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“ Nasdaq ”) notifying the Company that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that the Company’s common stock will be delisted from Nasdaq. The Nasdaq notice also advises the Company of its right to request an appeal of the determination. The Company is considering whether or not to pursue an appeal. Trading of the Company’s common stock will be suspended at the opening of b

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Source: SEC EDGAR

accession 0001193125-23-298190

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