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Ebix Files for Chapter 11 Bankruptcy in Texas

Livemint

Livemint · 1y ago

Ebix Files for Chapter 11 Bankruptcy in Texas

On December 17, Ebix Inc. and its US subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas. The move comes as Ebix Inc. faces financial challenges, including outstanding borrowings of $639.3 million as of December 31, 2022. EbixCash, its India unit, had planned to go public but faced delays. The bankruptcy filing seeks relief under Chapter 11 and addresses the company's debt situation. Ebix Inc. has been attempting to sell its India IPO story to secure extensions from creditors for debt repayment in recent years.

Related News

WeWork files for Chapter 11 bankruptcy in New Jersey

Livemint

Livemint · 1y ago

WeWork files for Chapter 11 bankruptcy in New Jersey

Co-working giant WeWork has officially filed for Chapter 11 bankruptcy in New Jersey, according to a report by Bloomberg. The troubled company is expected to submit its bankruptcy petition next week.

TGI Friday’s files for bankruptcy on November 2 amid consumer cost concerns and competition | Company Business News

Livemint

Livemint · 9m ago

TGI Friday’s files for bankruptcy on November 2 amid consumer cost concerns and competition | Company Business News

TGI Friday's has filed for Chapter 11 bankruptcy in Texas as it faces challenges from changing consumer habits and increased competition from fast food options. The casual dining restaurant chain is struggling amidst a cost-of-living crisis. TGIF joins a growing list of restaurant chains seeking bankruptcy protection, including Red Lobster Management, Bucca di Beppo, Rubio's Coastal Grill, and Tijuana Flats. The filing lists assets between $100-550 million and liabilities worth $100-500 million. TGIF has not yet responded to queries about the situation.

India operations not impacted by parent Ebix bankruptcy filing: EbixCash

Economic Times

Economic Times · 1y ago

India operations not impacted by parent Ebix bankruptcy filing: EbixCash

EbixCash, the Indian payments and remittance subsidiary of Ebix Inc, stated that the bankruptcy protection filed by its parent company in the US will not affect its India operations. The Chapter 11 filing was a result of the parent company's inability to repay its dues against a $600 million credit facility. EbixCash clarified that its international affiliates and operations are not included in the bankruptcy filing and will continue to function normally. The company assured that it has strong financials, governance, and profitability.

Amazon aggregator Thrasio files for bankruptcy

Reuters · 1y ago

Amazon aggregator Thrasio files for bankruptcy

Thrasio Holdings, an Amazon aggregator that acquires third-party sellers on the platform, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in new financing from existing shareholders and reached a restructuring agreement with some lenders to reduce its $495 million debt. Despite the bankruptcy filing, Thrasio plans to continue its business operations as usual. The company's estimated assets range from $1 billion to $10 billion, with liabilities between $500 million and $1 billion.

Company behind Terra crypto collapse files for US bankruptcy protection

Financial Express

Financial Express · 1y ago

Terraform Labs, responsible for the notorious TerraUSD stablecoin crash, has filed for Chapter 11 bankruptcy protection in the US. This comes two years after the dramatic downfall of TerraUSD and its associated cryptocurrency, Luna, which caused a ripple effect in the global crypto market and erased billions of dollars in investor value. The bankruptcy filing aims to help Terraform Labs "navigate ongoing legal proceedings" while maintaining operations, fulfilling financial obligations to employees and vendors, and even expanding their Web3 offerings.

Byju's US unit files for bankruptcy in Delaware

Economic Times

Economic Times · 1y ago

Byju's US unit files for bankruptcy in Delaware

Byju's Alpha, the U.S. unit of Indian ed-tech startup Byju's, has filed for Chapter 11 bankruptcy in the U.S. court of Delaware. The filing shows liabilities in the range of $1 billion to $10 billion, with assets listed as $500 million to $1 billion. Byju's was previously valued at $22 billion but has faced challenges recently, with lenders initiating bankruptcy proceedings. The company plans to raise $200 million through a rights issue to address immediate liabilities. It has also been under scrutiny from Indian authorities for alleged foreign exchange law violations.

Terraform Labs files for bankruptcy protection in US

Economic Times

Economic Times · 1y ago

Terraform Labs files for bankruptcy protection in US

Terraform Labs, the firm behind the troubled stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in the U.S., citing assets and liabilities in the range of $100-$500 million. The move comes amid a postponed SEC trial over an alleged $40 billion cryptocurrency fraud involving TerraUSD's collapse in 2022. Terraform Labs and co-founder Do Kwon face responsibility for the turmoil in crypto markets caused by the collapse of TerraUSD and its associated token, Luna. Both cryptocurrencies lost an estimated $40 billion when TerraUSD failed to maintain its $1 peg in May 2022.

Thrasio, once king of e-commerce aggregation, files for Ch.11

TechCrunch · 1y ago

Thrasio, once king of e-commerce aggregation, files for Ch.11

Thrasio, the e-commerce aggregation start-up known for acquiring and restructuring smaller brands on marketplaces like Amazon, has filed for Chapter 11 bankruptcy protection. The company has secured $90 million in emergency financing and plans to eliminate around $495 million of existing debt. Thrasio has been experiencing financial difficulties for some time, including layoffs and exiting certain markets. The bankruptcy filing highlights the challenges faced by late-stage tech companies seeking funding during a downturn in the funding market. Thrasio's model of consolidating small e-commerce businesses faced difficulties due to changing consumer tastes and tightening economies. While Thrasio's collapse is significant, other roll-up companies that have raised substantial funds are likely to face similar challenges.

Thrasio files for Chapter 11 in bid to restructure its debt

Economic Times

Economic Times · 1y ago

Thrasio files for Chapter 11 in bid to restructure its debt

Thrasio Holdings, an Amazon seller, has filed for Chapter 11 bankruptcy in order to secure fresh capital and eliminate around $495 million of debt. The company aims to continue paying employees and suppliers during the process. Thrasio, one of Amazon's largest third-party sellers, seeks to strengthen its balance sheet and support its brands. The move comes as Amazon sales slow down and startups aggregating popular brands on the platform face challenges with their debt and rising interest rates. Thrasio has secured a restructuring support agreement with lenders for a one-year delay on interest payments and has received new financing commitments.

US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit

Livemint

Livemint · 1y ago

US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit

The US SEC has filed a lawsuit against a Texas man for a fraudulent $200 million offer to rescue Virgin Orbit. Matthew Brown falsely presented himself as an experienced venture capitalist and claimed to have investments in over 13 space companies. He made a bogus offer to buy Virgin Orbit stock and even fabricated a bank account balance to make it seem legitimate. Virgin Orbit's stock price initially rose following the offer but eventually fell. The SEC is seeking penalties against Brown, including a ban on offering securities. Virgin Orbit filed for Chapter 11 bankruptcy in April 2023.

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