Press Release29 May 2024, 05:21 pm
Vikas Lifecare Submits Term Sheet to Acquire Ebix Inc. for 100% Equity as Part of Consortium
AI Summary
Vikas Lifecare Limited has submitted a term sheet to the Independent Directors of Ebix, Inc. ('Ebix' or 'Debtors') to acquire 100% of the equity of Ebix as a member of the consortium led by Eraaya Lifespaces Limited. The proposal, if accepted, would be executed under a Chapter 11 Plan of Reorganization and subject to Bankruptcy Court approval. The consortium intends to work collaboratively with Ebix's senior management and will submit a 5% cash deposit upon the execution of a binding stalking horse agreement. The acquisition includes 100% equity and assets in Ebix's worldwide subsidiaries, excluding certain liabilities in the North American Company.
Key Highlights
- Vikas Lifecare Limited has submitted a term sheet to acquire 100% of Ebix, Inc.'s equity as part of a consortium led by Eraaya Lifespaces Limited.
- The proposal, if accepted, would be executed under a Chapter 11 Plan of Reorganization and subject to Bankruptcy Court approval.
- The consortium intends to work collaboratively with Ebix's senior management and will submit a 5% cash deposit upon the execution of a binding stalking horse agreement.
- The acquisition includes 100% equity and assets in Ebix's worldwide subsidiaries, excluding certain liabilities in the North American Company.
- Ebix is a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, and healthcare industries.