A Johns Creek software company has filed for bankruptcy protection as it fends off up to a billion dollars in debt, the Atlanta Journal-Constitution reported. Ebix, which has a history of allegations regarding its financial reporting, filed under chapter 11 of the U.S. Bankruptcy Code. The filing, Dec. 17 in the U.S. Bankruptcy Court for the Northern District of Texas, put the debt at between $500 million and $1 billion. The company, which has a worldwide business providing software behind many transactions in insurance, financial services, travel and healthcare, did not respond Thursday to phone calls or emails requesting comment. But it said in its bankruptcy filing that it intends to make up much of the gap between what it owes and what it can pay by selling its North American assets in life and annuities. Those assets would be sold to Zinnia Distributor Solutions for $400 million, according to a filing by Ebix with the U.S. Security Securities and Exchange Commission. Those assets account for 14.5% of Ebix annual revenue, the company said.
