In connection with the 2023 Ebix Chapter 11 filing in the U.S. Bankruptcy Court for the Northern District of Texas, Sidley secured approval of an amended disclosure statement that contemplates a plan of reorganization of the company by a Plan Sponsor pursuant to the terms of a Plan Sponsor Agreement. If the Plan Sponsor cannot satisfy the terms of the Plan Sponsor Agreement, the plan allows for a toggle to a sale of the company’s assets to certain back-up bidders, which sale would also be effectuated pursuant to the plan. Ebix is a publicly traded leading international supplier of on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries.
At a hearing on June 27, 2024, Judge Scott W. Everett approved the company’s disclosure statement, filed by the Sidley team on June 26, 2024, and which reflected auctions for plan sponsorship rights and non-life and annuity assets. The amended plan incorporates a US$145 million reorganization transaction with a Plan Sponsor consortium and a toggle to a back-up asset sale plan to certain identified back-up bidders in the event the Plan Sponsor does not come up with US$ 145 million in funding.
Tom Califano and Rakhee Patel (both Restructuring) lead the Sidley team representing Ebix. The team also includes Ameneh Bordi, Jeri Leigh Miller, and Weiru Fang (all Restructuring).
