Ebix Inc. has filed for bankruptcy protection in a North Texas court after defaulting on a $617 million loan, Bloomberg News reported. Several subsidiaries of Ebix have also filed for bankruptcy, according to a Dec 17. court filing. The law firm Sidney Austin LLP has been assigned as bankruptcy counsel, while Jefferies LLC will act as the investment banker to the proceedings, according to the filing. The filing says that each subsidiary and advisors will “conduct a fulsome marketing and sale process” for the assets of the company. The Texas court will hear the case on Dec. 19.
