Ebix Plunges into Bankruptcy Amidst Debt Woes and Short-Seller Attacks
Insurance software firm Ebix Inc. has filed for bankruptcy after struggling to recover from high interest rates and impending debt payments. The Georgia-based company listed assets and liabilities of at least $500 million each in its Chapter 11 petition. Ebix plans to sell its North American life insurance and annuity assets to repay its debt, with an opening bid of $400 million from insurance firm Zinnia. The bankruptcy filing comes after Ebix faced challenges including the resignation of its former auditor and aggressive inquiries from short sellers.