Ebix's agreement with Zinnia lays out expeditious path for debt repayment
Chapter 11 is a mechanism used to provide breathing room for companies while they work through their work through paying debt and other financial and operational issues. It is a step taken by US companies to get credit protection and to keep operating its business in normal course. Chapter 11 is a temporary measure. No impact on EbixCash & other affiliated businesses outside US The filing under Chapter 11 does not include EbixCash and Ebix’s approximately 200 affiliates outside the United States. These firms will continue to operate normally, a company statement said. “Ebix’s EbixCash & other companies in India, all international subsidiaries and their franchisees around the world are similarly not included in the Chapter 11 filing. All worldwide operations of the Company will continue to operate in the ordinary course and without any interruption. This news has no impact on EbixCash, its employees, partners or vendors,” the statement added. The statement reiterated the financial health of the company with “fantastic operating fundamentals.”
Tags : Ebix Zinnia Debt Repayment Corporate News