Ebix sinks on filing for chapter 11 bankruptcy

Ebix

18/12/2023 15:38

(Updates)
    ** Shares of Ebix  EBIX.O  slump 52.1% to $2.36, set for
worst day ever
    ** The software solutions firm files for Chapter 11
bankruptcy protection in North Texas court- court filing
    ** Says subsidiaries and advisors "authorized to conduct a
fulsome marketing and sale process" 
    ** Several subsidiaries of EBIX also file for bankruptcy
protection
    ** Co lists both estimated assets and liabilities in range
of $500 mln-$1 bln
    ** In June 2022, short seller Hindenburg Research called
co's plans for the public listing of its Indian unit - EbixCash
- a "race against the solvency clock" and expected  plan to fail
    **Co received India IPO clearance in April 
    ** Stock down ~75% YTD, up to last close

 (Reporting by Harshita Mary Varghese)
 ((HarshitaMary.Varghese@thomsonreuters.com))