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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.

Related News

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.

EbixCash’s IPO filing doesn’t disclose an adverse court order

Livemint

Livemint · 1y ago

EbixCash’s IPO filing doesn’t disclose an adverse court order

EbixCash, a unit of Nasdaq-listed Ebix Inc., is preparing for a ₹6,000 crore ($728 million) IPO. However, the company faces issues related to an ongoing arbitration case with Vyoman Tradelink, the original promoter of ITZCash, which EbixCash acquired in 2017 and rebranded as Ebix Payment Services (EPS). The arbitration case resulted in EbixCash being ordered to buy the remaining 20% stake in EPS from Vyoman, a cost that could range from ₹100-200 crore. The case has not been disclosed in the IPO papers. The IPO is critical to Ebix Inc.'s plans to become debt-free this year.

WeWork India's operations remain unaffected, as company files for bankruptcy in the US

Economic Times

Economic Times · 1y ago

WeWork India's operations remain unaffected, as company files for bankruptcy in the US

WeWork has filed for bankruptcy in the US and Canada, with a valuation of just $45 million compared to its previous valuation of $47 billion. However, WeWork India stated that its operations will not be affected by this filing, as it operates independently from WeWork Global. WeWork's franchisees worldwide are also not impacted. The company plans to restructure its debts and leases in the US and Canada while continuing its business operations.

WeWork India says business not affected by US bankruptcy

Economic Times

Economic Times · 1y ago

WeWork India says business not affected by US bankruptcy

WeWork India has clarified that its business will not be affected by the recent bankruptcy filing of its global parent company, WeWork. The Indian unit, a separate entity backed by Embassy Group, reassured members and stakeholders that it will continue to operate as usual. WeWork India, which has been running profitably since 2021, closed the previous financial year with revenue of Rs 1,400 crore ($168.99 million). The Chapter 11 filing by WeWork in the US is aimed at restructuring debts and leases in order to improve the company's financial condition.

There's a new theory that Adam Neumann will buy back WeWork

Medial

Medial · 1y ago

There's a new theory that Adam Neumann will buy back WeWork

Speculation is circulating that WeWork founder Adam Neumann may consider buying back the company after it filed for bankruptcy. WeWork, once valued at $47 billion, faced a significant decline in value during its failed public filing and was further impacted by the pandemic. Insiders suggest that Neumann, well-capitalized and possibly backed by real investors, might reacquire the company. Neumann, who left WeWork with substantial wealth, has not officially commented on the matter. Observers note his expressed disappointment from the sidelines and his belief in WeWork's potential reorganization. The situation remains speculative amid the company's bankruptcy proceedings.

VC firm buying into WeWork India as US parent set to exit

VCCircle

VCCircle · 1y ago

VC firm buying into WeWork India as US parent set to exit

An Indian venture capital firm is acquiring a minority stake in WeWork India, as the US parent company prepares to exit. This comes after WeWork Inc., the US parent, filed for bankruptcy earlier this year. The two-stage transaction will involve the venture capital firm buying the stake and the US parent selling its holding. WeWork India will continue its operations with support from the Indian venture capital firm.

FirstCry parent Brainbees Solutions completes GST inspection

YourStory

YourStory · 9m ago

FirstCry parent Brainbees Solutions completes GST inspection

Parent company of FirstCry, Brainbees Solutions, has completed a four-day GST inspection and made a payment of Rs 1.74 crore due to discrepancies in GST returns. The inspection was led by the assistant commissioner of State Tax, Investigation-C, Mumbai. Brainbees Solutions provided explanations regarding queries raised by officials and stated that the inspection has not impacted the company's operations. In the first quarter of FY25, the company narrowed its losses and recorded a rise in operating revenue.

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.

WeWork founder Adam Neumann trying to buy back company

Economic Times

Economic Times · 1y ago

WeWork founder Adam Neumann trying to buy back company

WeWork founder Adam Neumann is attempting to repurchase the flexible workspace provider after its bankruptcy filing in November. His new real estate company, Flow Global, is pursuing the acquisition of WeWork or its assets, along with offering bankruptcy financing to support its revival, as reported by CNBC citing DealBook.

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.

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