Ebix receives bankruptcy court approval of bid procedures

By Sarah Lizee

Olympia, Wash., Jan. 18 – Ebix, Inc. received approval of the bid procedures for its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company reached a stalking horse agreement to sell its North American Life and Annuity assets to Zinnia, an Eldridge business and life insurance and annuity technology and service company, for $400 million.

The sale will allow other potential bidders to submit bids through a court-supervised competitive process.

Jefferies LLC is acting as investment banker. The company said it continues to engage with both strategic and institutional buyers regarding a potential sale transaction.

The bid procedures outline two different timelines for the sale process, based on a quality of earnings analysis and report being completed on or before Jan. 26.

If the report is filed in time, the bid deadline will be 5 p.m. ET on Feb. 9, an auction will be held on Feb. 13, and a sale hearing will take place on Feb. 15.

Otherwise, the bid deadline will be 5 p.m. ET on Feb. 14, an auction will be held on Feb. 19, and a sale hearing will take place on Feb. 23.

The company said it will file a notice with the court informing parties about which timeline will be used by Jan. 27.

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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