EX-99.9 10 d853246dex999.htm EX-99.9 EX-99.9

Exhibit 99.9

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SIDLEY AUSTIN LLP

Thomas R. Califano (24122825)

Rakhee V. Patel (00797213)

Jeri Leigh Miller (24102176)

2021 McKinney Avenue, Suite 2000

Dallas, Texas 75201

Telephone:    (214) 981-3300
Facsimile:    (214) 981-3400
Email:    tom.califano@sidley.com
   rpatel@sidley.com
   jeri.miller@sidley.com

SIDLEY AUSTIN LLP

Weiru Fang (admitted pro hac vice)

Ameneh Bordi (admitted pro hac vice)

787 Seventh Avenue

New York, New York 10019

Telephone:    (212) 839-5300
Facsimile:    (212) 839-5599
Email:    weiru.fang@sidley.com
   abordi@sidley.com

Attorneys for the Debtors and

Debtors in Possession

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

 

 

In re:

   

Chapter 11

 

EBIX, INC., et al.1

  

Case No. 23-80004 (SWE)

 

Debtors.

 

   

(Jointly Administered)

 

1 

The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, as applicable, are: Ebix, Inc. (1975), Vertex, Incorporated (6295), P.B. Systems, Inc. (9074), Ebix Consulting, Inc. (6666), Ebix US, LLC (N/A), Facts Services, Inc. (1348), Doctors Exchange, Inc. (N/A), Ebix International LLC (N/A), Agency Solutions.com, LLC d/b/a Health Connect LLC (N/A), ConfirmNet Corporation (2737), A.D.A.M., Inc. (8070), and Ebix Latin America, LLC (N/A). The Debtors’ mailing address is 1 Ebix Way, Johns Creek, Georgia 30097.

 

     

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GLOBAL NOTES FOR THE

JULY 2024 MONTHLY OPERATING REPORTS

 

On December 17, 2023, (the “Petition Date”) Ebix, Inc. and its affiliated debtors in the above-captioned chapter 11 cases (each a “Debtor” and, collectively, the “Debtors”) commenced voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11, United States Code, §§ 101 et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Texas (the “Court”).

The Debtors continue to operate their business and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Chapter 11 Cases have been consolidated for procedural purposes only and are being jointly administered under case number 23-80004 (SWE).

 

1.

General Methodology: The Debtors are filing this monthly operating report (the “MOR”) solely for purposes of complying with the monthly operating requirements of the Debtors’ Chapter 11 Cases. The financial information contained herein is unaudited, limited in scope, and as such, has not been subjected to procedures that would typically be applied to financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MOR should not be relied on by any persons for information relating to current or future financial condition, events, or performance of any of the Debtors or their affiliates, as the results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the combined results of operations, financial position, and schedule of receipts and disbursements in the future. There can be no assurance that such information is complete, and the MOR may be subject to revision. The following notes, statements, and limitations should be referred to and referenced in connection with any review of the MOR.

 

2.

Basis of Presentation: For financial reporting purposes, the Debtors prepare consolidated financial statements, which include information for Ebix, Inc., and its Debtor affiliates. This MOR only contains financial information of the Debtors and has been prepared on a condensed combined basis. The Debtors are maintaining their books and records in accordance with U.S. GAAP and the information furnished in this MOR uses the Debtors’ normal accrual method of accounting. In preparing the MOR, the Debtors relied on financial data derived from their books and records that was available at the time of preparation. Nevertheless, in preparing this MOR, the Debtors made reasonable efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein. Pending completion of the year-end 2023 and Q1 2024 impairment analysis for goodwill and intangible assets, and the allocation of the purchase price consideration for the North America life & annuity assets between various debtor entities, the Debtors have not recorded the gain on sale of the Debtors’ North American life and annuity assets. Pending completion of these items, the related purchase price consideration, as adjusted for certain purchase price adjustments, is presented within postpetition payables in the financial statements of Ebix Inc. The Debtors have not separately classified the assets held for sale following entry of the order approving the bid procedures and auction of the Debtors’ remaining assets of the North

 

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American business and the Debtors’ equity interests in certain non-Debtor foreign subsidiaries. Subsequent information or discovery may result in material changes to the MOR and errors or omissions may exist. Notwithstanding any such discovery, new information, or errors or omissions, the Debtors do not undertake any obligation or commitment to update this MOR. Due to subsequent information obtained, the financial statements and certain of the cumulative amounts presented in this MOR reflect adjustments made to the financial statements contained in the previously filed May 2024 monthly operating reports. The financial statements presented herein reflect the book values of the Debtor entities of Ebix, Inc., and, as a result, do not reflect the going concern valuation of the Debtors. The Company is not liable for and undertakes no responsibility to indicate variations from securities laws or for any evaluations of the Company based on this financial information or any other information.

 

3.

Reporting Period: Unless otherwise noted herein, the MOR generally reflects the Debtors’ books and records and financial activity occurring during the applicable reporting period.

 

4.

Accuracy: The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicable nonbankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors are not liable for and undertake no responsibility to indicate variations from securities laws or for any evaluations of the Debtors based on this financial information or any other information.

 

5.

Investments in Subsidiaries: The book basis for investments in subsidiaries are not representative of the fair value or net assets of Debtor and non-debtor subsidiaries.

 

6.

Payments of Prepetition Claims Pursuant to First Day Orders: Following the Petition Date, the Court entered certain orders authorizing, but not directing, the Debtors to, among other things, pay certain (a) insurance obligations; (b) employee wages, salaries, additional compensation, contractor obligations, and employee benefit programs; (c) taxes and fees; (d) utilities; (e) service charges and other fees, costs, and expenses charged by the Debtors’ cash management banks; and (f) certain critical vendor payments.

 

7.

Insiders: For purposes of this MOR, the Debtors defined “insiders” pursuant to section 101(31) of the Bankruptcy Code as: (a) directors; (b) officers; (c) persons in control of the Debtors; (d) relatives of the Debtors’ directors, officers, or persons in control of the Debtors; and (e) Debtor and non-Debtor affiliates of the foregoing. Moreover, the Debtors do not take a position with respect to: (a) any insider’s influence over the control of the Debtors; (b) the management responsibilities or functions of any such insider; (c) the decision making or corporate authority of any such insider; or (d) whether the Debtors or any such insider could successfully argue that he or she is not an “insider” under applicable law, with respect to any theories of liability, or for any other purpose.

 

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8.

Payments to Insiders: All payments made by the Debtors to “Insiders,” as such term is defined in 11 U.S.C. § 101(31), included wage compensation and benefits in the ordinary course due to those individuals. This information is available upon request.

 

9.

Postpetition Borrowing: Following the Petition Date, the Court approved debtor-in-possession borrowing as set forth in the Final Order (I) Authorizing (A) Postpetition Financing, and (B) The Use of Cash Collateral; (II) Granting Liens and Providing Superpriority Administrative Expense Claims; (III) Granting Adequate Protection to Prepetition Lenders; (IV) Modifying the Automatic Stay; and (V) Granting Related Relief [Docket No. 255].

 

10.

Interest on Prepetition Borrowing: The Debtors are unable to determine whether it is probable that interest on prepetition borrowing for the period following the Petition Date will be an allowed claim. As a result, interest on prepetition borrowing has not been accrued in the financial information herein.

 

11.

Bank Accounts: Bank accounts were established both pre-filing and post-filing in the name of Ebix, Inc. All of these bank accounts are utilized for all of the Debtors.

 

12.

Internal Transfers: Internal transfers between the Debtors are not included as receipts in the financial statements for each Debtor. Because the monthly operating reports have not been prepared on a consolidated basis, this has resulted in negative cash balances for some Debtors.

 

13.

Estimation of Claims: The amounts of Secured, Unsecured, and Priority Claims reported in the MOR are estimated based on the Debtors’ available information.

 

14.

Payments To or On Behalf of Nonbankruptcy Professionals. All payments made to or on behalf of nonbankruptcy professionals were approved by the Court pursuant to the Order (I) Authorizing the Debtors to Retain and Compensation Professionals in the Ordinary Course of Business and (II) Granting Related Relief [Docket No. 295]. The objection period for certain of these ordinary course professionals has not passed as of the filing of this MOR.

 

15.

Attachments and Exhibits: Bank statements and other supporting documents and exhibits for all Debtors are attached to the MOR of Ebix, Inc. Any documents, exhibits, or statements attached to the MOR of Ebix, Inc. are incorporated by reference into the MOR for all Debtors.

 

16.

Escrow Amounts Received: In accordance with the Second Amended Plan Support Agreement, dated July 22, 2024, by and between the consortium of Eraaya Lifespaces Limited, Vikas Lifecare Limited and Vitasta Software India Private Limited and/or one or more of their designees, in their capacity collectively as stalking horse plan sponsor, and the Debtors, the Deposit, Additional Amounts, and Extended Emergence Funding (each as defined therein) amount have been placed into the Deposit Escrow Account (as defined therein). In accordance with the Order (I) Approving Bid Procedures for Non-L&A Assets, Equity, and Plan Sponsorship Rights and Authorizing the Sale Transactions; (II)

 

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Approving Notices in Connection with the Transactions; and (III) Granting Related Relief [Docket No. 514] (the “Bid Procedures Order”), the “Good Faith Deposit” (as defined in the Bid Procedures Order) from each of Fortium Investments Inc. and Aurionpro Solutions Limited are held in escrow in accordance with the Bid Procedures Order.

 

17.

Post-petition Estimated Tax Payments: The Debtors have timely submitted postpetition tax returns or received extensions of time for such filings as of the end of the reporting period. It is intended that the Debtors or Post-Effective Date Debtors (as defined in the Plan [Docket No. 847-2]), as applicable, will file and pay all applicable postpetition taxes when due. In particular, the Plan Sponsor has specifically agreed that the Post-Effective Date Debtors will satisfy any tax liabilities arising from the sale of the Debtors’ L&A Assets, if any.

 

18.

Reservation of Rights: The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate, but shall be under no obligation to do so. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their Chapter 11 Cases.

* * * END OF GLOBAL NOTES * * *

 

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UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF TEXAS

DALLAS

 

In Re. Agency Solutions.com, LLC d/b/a/ Health Connect LLC    §    Case No.    23-80011
      §      
        §    Lead Case No.    23-80004
   Debtor(s)    §      
         ☒ Jointly Administered

 

Monthly Operating Report         Chapter 11

 

Reporting Period Ended:    07/31/2024       Petition Date:    12/17/2023

 

Months Pending: 8           Industry Classification:    5     1     8     2 

 

Reporting Method:    Accrual Basis  LOGO    Cash Basis  LOGO   

 

Debtor’s Full-Time Employees (current):    0       
Debtor’s Full-Time Employees (as of date of order for relief):    0   

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

 

☒   Statement of cash receipts and disbursements

☒   Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

☒   Statement of operations (profit or loss statement)

☒   Accounts receivable aging

☐   Postpetition liabilities aging

☐   Statement of capital assets

☐   Schedule of payments to professionals

☐   Schedule of payments to insiders

☐   All bank statements and bank reconciliations for the reporting period

☐   Description of the assets sold or transferred and the terms of the sale or transfer

 

/s/ Amit K. Garg

    

Amit K. Garg

Signature of Responsible Party     Printed Name of Responsible Party

08/21/2024

     1 Ebix Way
Date     Johns Creek, GA 30097
   

 

Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

 

UST Form 11-MOR (12/01/2021)    1   

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Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

Part 1: Cash Receipts and Disbursements

    Current Month      Cumulative  

a.   Cash balance beginning of month

    $ 0     
  

 

 

     

b.  Total receipts (net of transfers between accounts)

    $ 0      $ 0  
  

 

 

     

 

 

  

c.   Total disbursements (net of transfers between accounts)

    $ 0      $ 0  
  

 

 

     

 

 

  

d.  Cash balance end of month (a+b-c)

    $ 0     
  

 

 

     

e.   Disbursements made by third party for the benefit of the estate

    $ 0      $ 0  
  

 

 

     

 

 

  

f.   Total disbursements for quarterly fee calculation (c+e)

    $ 0      $ 0  
  

 

 

     

 

 

  

Part 2: Asset and Liability Status

(Not generally applicable to Individual Debtors. See Instructions.)

    Current Month         

a.   Accounts receivable (total net of allowance)

    $ 37,083     
  

 

 

     

b.  Accounts receivable over 90 days outstanding (net of allowance)

    $ 26,546     
  

 

 

     

c.   Inventory (Book LOGO Market LOGO Other LOGO (attach explanation))

    $ 0     
  

 

 

     

d.  Total current assets

    $ 37,866     
  

 

 

     

e.   Total assets

    $ 19,449,651     
  

 

 

     

f.   Postpetition payables (excluding taxes)

    $ -119,947     
  

 

 

     

g.  Postpetition payables past due (excluding taxes)

    $ 0     
  

 

 

     

h.  Postpetition taxes payable

    $ 1,860     
  

 

 

     

i.   Postpetition taxes past due

    $ 0     
  

 

 

     

j.   Total postpetition debt (f+h)

    $ -118,087     
  

 

 

     

k.  Prepetition secured debt

    $ 0     
  

 

 

     

l.   Prepetition priority debt

    $ 0     
  

 

 

     

m.   Prepetition unsecured debt

    $ -4,738,887     
  

 

 

     

n.  Total liabilities (debt) (j+k+l+m)

    $ -4,856,975     
  

 

 

     

o.  Ending equity/net worth (e-n)

    $ 24,306,626     
  

 

 

     

Part 3: Assets Sold or Transferred

    Current Month      Cumulative  

a.   Total cash sales price for assets sold/transferred outside the ordinary course of business

    $ 0      $ 0  
  

 

 

     

 

 

  

b.  Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business

    $ 0      $ 0  
  

 

 

     

 

 

  

c.   Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)

    $ 0      $ 0  
  

 

 

     

 

 

  

Part 4: Income Statement (Statement of Operations)

(Not generally applicable to Individual Debtors. See Instructions.)

    Current Month      Cumulative  

a.   Gross income/sales (net of returns and allowances)

    $ 149,952     
  

 

 

     

b.  Cost of goods sold (inclusive of depreciation, if applicable)

    $ 106,545     
  

 

 

     

c.   Gross profit (a-b)

    $ 43,407     
  

 

 

     

d.  Selling expenses

    $ 25,912     
  

 

 

     

e.   General and administrative expenses

    $ 2,500     
  

 

 

     

f.   Other expenses

    $ 0     
  

 

 

     

g.  Depreciation and/or amortization (not included in 4b)

    $ 0     
  

 

 

     

h.  Interest

    $ 0     
  

 

 

     

i.   Taxes (local, state, and federal)

    $ 0     
  

 

 

     

j.   Reorganization items

    $ 0     
  

 

 

     

k.  Profit (loss)

    $ 14,995      $ 144,270  
  

 

 

     

 

 

  

 

UST Form 11-MOR (12/01/2021)    2   

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Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

Part 5: Professional Fees and Expenses

 

  
                     Approved 
Current Month 		      Approved 
Cumulative 		      Paid Current 
Month 		      Paid 
Cumulative 		  
a.   Debtor’s professional fees & expenses (bankruptcy) Aggregate Total                                    
    Itemized Breakdown by Firm              
        Firm Name   Role                                    
    i                                                                    
    ii                                            
    iii                                            
    iv                                            
    v                                            
    vi                                            
    vii                                            
    viii                                            
    ix                                            
    x                                            
    xi                                            
    xii                                            
    xiii                                            
    xiv                                            
    xv                                            
    xvi                                            
    xvii                                            
    xviii                                            
    xix                                            
    xx                                            
    xxi                                            
    xxii                                            
    xxiii                                            
    xxiv                                            
    xxv                                            
    xxvi                                            
    xxvii                                            
    xxviii                                            
    xxix                                            
    xxx                                            
    xxxi                                            
    xxxii                                            
    xxxiii                                            
    xxxiv                                            
    xxxv                                            
    xxxvi                                            

 

UST Form 11-MOR (12/01/2021)    3   

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Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

    xxxvii                                        
    xxxviii                                                    
    xxxix                            
    xl                            
    xli                            
    xlii                            
    xliii                            
    xliv                            
    xlv                            
    xlvi                            
    xlvii                            
    xlviii                            
    xlix                            
    l                            
    li                            
    lii                            
    liii                            
    liv                            
    lv                            
    lvi                            
    lvii                            
    lviii                            
    lix                            
    lx                            
    lxi                            
    lxii                            
    lxiii                            
    lxiv                            
    lxv                            
    lxvi                            
    lxvii                            
    lxviii                            
    lxix                            
    lxx                            
    lxxi                            
    lxxii                            
    lxxiii                            
    lxxiv                            
    lxxv                            
    lxxvi                            
    lxxvii                            
    lxxviii                            

 

UST Form 11-MOR (12/01/2021)    4   

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Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

    lxxix                                                        
    lxxx                                                                    
    lxxxi                                            
    lxxxii                                            
    lxxxiii                                            
    lxxxiv                                            
    lxxxv                                            
    lxxxvi                                            
    lxxxvii                                            
    lxxxviii                                            
    lxxxix                                            
    xc                                            
    xci                                            
    xcii                                            
    xciii                                            
    xciv                                            
    xcv                                            
    xcvi                                            
    xcvii                                            
    xcviii                                            
    xcix                                            
    c                                            
    ci                                            
                 
                    

Approved 

Current Month 

     

Approved 

Cumulative 

     

Paid Current 

Month 

     

Paid 

Cumulative 

  
b.   Debtor’s professional fees & expenses (nonbankruptcy) Aggregate Total                                    
    Itemized Breakdown by Firm              
        Firm Name   Role                                    
    i                                            
    ii                                            
    iii                                            
    iv                                            
    v                                            
    vi                                            
    vii                                            
    viii                                            
    ix                                            
    x                                            
    xi                                            
    xii                                            
    xiii                                            
    xiv                                            

 

UST Form 11-MOR (12/01/2021)    5   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 11 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

    xv                                                    
    xvi                                                    
    xvii                            
    xviii                            
    xix                            
    xx                            
    xxi                            
    xxii                            
    xxiii                            
    xxiv                            
    xxv                            
    xxvi                            
    xxvii                            
    xxviii                            
    xxix                            
    xxx                            
    xxxi                            
    xxxii                            
    xxxiii                            
    xxxiv                            
    xxxv                            
    xxxvi                            
    xxxvii                            
    xxxviii                            
    xxxix                            
    xl                            
    xli                            
    xlii                            
    xliii                            
    xliv                            
    xlv                            
    xlvi                            
    xlvii                            
    xlviii                            
    xlix                            
    l                            
    li                            
    lii                            
    liii                            
    liv                            
    lv                            
    lvi                            

 

UST Form 11-MOR (12/01/2021)    6   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 12 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

    lvii                                                        
    lviii                                                                    
    lix                                            
    lx                                            
    lxi                                            
    lxii                                            
    lxiii                                            
    lxiv                                            
    lxv                                            
    lxvi                                            
    lxvii                                            
    lxviii                                            
    lxix                                            
    lxx                                            
    lxxi                                            
    lxxii                                            
    lxxiii                                            
    lxxiv                                            
    lxxv                                            
    lxxvi                                            
    lxxvii                                            
    lxxviii                                            
    lxxix                                            
    lxxx                                            
    lxxxi                                            
    lxxxii                                            
    lxxxiii                                            
    lxxxiv                                            
    lxxxv                                            
    lxxxvi                                            
    lxxxvii                                            
    lxxxviii                                            
    lxxxix                                            
    xc                                            
    xci                                            
    xcii                                            
    xciii                                            
    xciv                                            
    xcv                                            
    xcvi                                            
    xcvii                                            
    xcviii                                            

 

UST Form 11-MOR (12/01/2021)    7   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 13 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

    xcix                                                        
    c                                                                    
c.   All professional fees and expenses (debtor & committees)      $0        $0        $0        $0  

 

Part 6: Postpetition Taxes

      Current Month           Cumulative     

a.   Postpetition income taxes accrued (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

b.  Postpetition income taxes paid (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

c.   Postpetition employer payroll taxes accrued

    $ -1,860      $ 0  
  

 

 

     

 

 

  

d.  Postpetition employer payroll taxes paid

    $ 0      $ 0  
  

 

 

     

 

 

  

e.   Postpetition property taxes paid

    $ 0      $ 0  
  

 

 

     

 

 

  

f.   Postpetition other taxes accrued (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

g.  Postpetition other taxes paid (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

 

Part 7: Questionnaire - During this reporting period:

     

a.   Were any payments made on prepetition debt? (if yes, see Instructions)

    Yes  LOGO    No  LOGO

b.  Were any payments made outside the ordinary course of business without court approval?
(if yes, see Instructions)

    Yes  LOGO    No  LOGO

c.   Were any payments made to or on behalf of insiders?

    Yes  LOGO    No  LOGO

d.  Are you current on postpetition tax return filings?

    Yes  LOGO    No  LOGO

e.   Are you current on postpetition estimated tax payments?

    Yes  LOGO    No  LOGO

f.   Were all trust fund taxes remitted on a current basis?

    Yes  LOGO    No  LOGO

g.  Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

    Yes  LOGO    No  LOGO

h.  Were all payments made to or on behalf of professionals approved by the court?

    Yes  LOGO    No  LOGO  N/A  LOGO

i.   Do you have:

    Worker’s compensation insurance?    Yes  LOGO    No  LOGO
  

If yes, are your premiums current?

    Yes  LOGO    No  LOGO  N/A  LOGO  (if no, see Instructions)
   Casualty/property insurance?    Yes  LOGO    No  LOGO
  

If yes, are your premiums current?

    Yes  LOGO    No  LOGO  N/A  LOGO (if no, see Instructions)
   General liability insurance?    Yes  LOGO    No  LOGO
  

If yes, are your premiums current?

    Yes  LOGO    No  LOGO N/A  LOGO (if no, see Instructions)

j.   Has a plan of reorganization been filed with the court?

    Yes  LOGO    No  LOGO

k.  Has a disclosure statement been filed with the court?

    Yes  LOGO    No  LOGO

l.   Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

    Yes  LOGO    No  LOGO

 

UST Form 11-MOR (12/01/2021)    8   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 14 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

Part 8: Individual Chapter 11 Debtors (Only)

                                  

a.   Gross income (receipts) from salary and wages

    $ 0     
  

 

 

     

b.  Gross income (receipts) from self-employment

    $ 0     
  

 

 

     

c.   Gross income from all other sources

    $ 0     
  

 

 

     

d.  Total income in the reporting period (a+b+c)

    $ 0     
  

 

 

     

e.   Payroll deductions

    $ 0     
  

 

 

     

f.   Self-employment related expenses

    $ 0     
  

 

 

     

g.  Living expenses

    $ 0     
  

 

 

     

h.  All other expenses

    $ 0     
  

 

 

     

i.   Total expenses in the reporting period (e+f+g+h)

    $ 0     
  

 

 

     

j.   Difference between total income and total expenses (d-i)

    $ 0     
  

 

 

     

k.  List the total amount of all postpetition debts that are past due

    $ 0     
  

 

 

     

l.   Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?

      Yes  LOGO  No  LOGO     

m.   If yes, have you made all Domestic Support Obligation payments?

      Yes  LOGO  No  LOGO  N/A  LOGO     

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor’s progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee’s or examiner’s duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee’s systems of records notice, UST-001, “Bankruptcy Case Files and Associated Records.” See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

 

/s/ Amit K. Garg      

Amit K. Garg

Signature of Responsible Party       Printed Name of Responsible Party
Chief Financial Officer      

08/21/2024

Title       Date

 

UST Form 11-MOR (12/01/2021)    9   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 15 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

LOGO

 

UST Form 11-MOR (12/01/2021)    10   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 16 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

LOGO

 

UST Form 11-MOR (12/01/2021)    11   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 17 of 21

 

Debtor’s Name Agency Solutions.com, LLC d/b/a/ Health Connect LLC    Case No. 23-80011

 

LOGO

 

UST Form 11-MOR (12/01/2021)    12   

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 18 of 21

 

   MOR-1
In re: EBIX, INC., et al.    Lead Case No: 23-80004
Statement of Cash Receipts and Disbursements - (Unaudited)    Reporting Period: July 1 - July 31, 2024

 

     Ebix, Inc.  

Receipts

   

Customer Receipts

    $ 14,158,305  

Other Receipts

      4,102,539  

Debt Proceeds

      —   
  

 

 

  

Total Receipts

    $ 18,260,845  

Disbursements

   

Payroll & Benefits

    $ (1,931,738 ) 

3rd Party Trade Vendors

      (1,697,441 ) 

Ordinary Course Professionals

      (211,303 ) 

Taxes & Duties

      (72,219 ) 

Zinnia Distributions

      (7,323,852 ) 

Other Operating Disbursements

      (395,381 ) 
  

 

 

  

Total Disbursements

    $ (11,631,934 ) 
  

 

 

  

Net Operating Cash Flow

    $ 6,628,911  
  

 

 

  

Other Non-Operating Cash Flows

    $ —   

Restructuring Professional Fees

      (2,028,065 ) 

Debt Service - Fees

      (156,856 ) 
  

 

 

  

Total Non-operating Cash Flows

    $ (2,184,921 ) 

Intercompany

   

Intercompany Transfers (receipts)

      —   

Intercompany Transfers (disbursements)

      (1,093,690 ) 
  

 

 

  

Intercompany Transfers (net)

    $ (1,093,690 ) 
  

 

 

  

Net Cash Flow

    $ 3,350,300  
  

 

 

  

Beginning Bank Cash

    $ 12,687,924  

Net Cash Flow

      3,350,300  
  

 

 

  

Ending Bank Cash

    $ 16,038,224  
  

 

 

  

 

     

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 19 of 21

 

   MOR-2
In re: EBIX, INC., et al.    Lead Case No: 23-80004
Balance Sheet as of July 31, 2024 - (Unaudited)    Reporting Period: July 1 - July 31, 2024

 

     Ebix, Inc.     P.B.
Systems,
Inc.		     Facts Services,
Inc.		     Agency Solutions.com,
LLC d/b/a/ Health
Connect LLC		     ConfirmNet
Corporation		     A.D.A.M.,
Inc.		  

Assets

             

Current Assets:

             

Cash and Cash equivalents

    $ 16,217,733     $ —      $ —      $ —      $ —      $ —   

Fiduciary funds - restricted

      —        —        —        —        —        —   

Accounts receivable, less allowance

      7,940,841       —        168,947       37,083       7,665,256       715,253  

Intercompany receivable

      75,870,400       —        —        —        —        —   

Other current assets

      94,306,811       —        4,438       783       135       34,167  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

    $ 194,335,786     $ —      $ 173,385     $ 37,866     $ 7,665,391     $ 749,420  

Property and equipment, net

      21,831,655       —        —        —        —        9,730  

Right-of-Use Assets

      109,092       578,351       —        —        —        127,458  

Goodwill

      192,040,854       —        4,706,870       20,404,124       13,540,891       60,111,616  

Intangible assets, net

      5,936,780       —        226,104       0       (0 )      167,001  

Indefinite-lived intangibles

      —        —        —        —        —        —   

Capitalized software development costs, net

      336,711       —        —        —        —        —   

Deferred tax assets, net - long-term

      22,033,811       —        (8,308 )      (992,339 )      3,074,537       1,921,924  

Other assets

      146,781,871       —        (5,216,707 )      —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 583,406,559     $ 578,351     $ (118,656 )    $ 19,449,651     $ 24,280,819     $ 63,087,149  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities & Equity

             

Current Liabilities

             

Accounts Payable and accrued expenses

    $ 15,528,455     $ —      $ —      $ 4,304     $ —      $ 25,468  

Accrued payroll and related benefits

      818,659       —        —        —        —        —   

Working capital facility

      —        —        —        —        —        —   

Fiduciary funds liability - restricted

      —        —        —        —        —        —   

Short term debt

      12,000,000       —        —        —        —        —   

Current portion of long term debt and capital lease obligations

      —        —        —        —        —        —   

Intercompany payable

      44,123,758       2,713,522       3,631       (123,910 )      1,379,601       (630,091 ) 

Deferred revenue

      6,077,759       —        85,824       1,519       206,166       1,144,154  

Short term lease liability

      —        —        —        —        —        —   

Other current liabilities

      380,362,440       —        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Liabilities

    $ 458,911,071     $ 2,713,522     $ 89,455     $ (118,087 )    $ 1,585,766     $ 539,530  

Liabilities Subject to Compromise

             

Accounts Payable and accrued expenses

    $ 6,191,336     $ 34,700     $ —      $ 6,533     $ 10,842     $ 63,199  

Accrued payroll and related benefits

      180,350       —        —        —        —        —   

Working capital facility

      —        —        —        —        —        —   

Fiduciary funds liability - restricted

      —        —        —        —        —        —   

Short term debt

      341,257,103       —        —        —        —        —   

Current portion of long term debt and capital lease obligations

      58,192       —        —        —        —        —   

Intercompany payable

      297,982,320       49,576,672       (4,669,565 )      (4,745,420 )      9,464,805       (36,903,570 ) 

Deferred revenue

      —        —        —        —        —        —   

Short term lease liability

      361,156       —        —        —        —        —   

Other current liabilities

      2,371       —        —        —        (1,648 )      (51,295 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities Subject to Compromise

    $ 646,032,829     $ 49,611,372     $ (4,669,565 )    $ (4,738,887 )    $ 9,473,998     $ (36,891,667 ) 

Long term debt and capital lease obligation, less current portion

      3,246       —        —        —        —        —   

Other liabilities

      2,329,890       —        —        —        —        —   

Earnout contingencies

      —        —        —        —        —        —   

Put option liability

      —        —        —        —        —        —   

Long term lease liability

      743,980       —        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

    $ 1,108,021,017     $ 52,324,895     $ (4,580,110 )    $ (4,856,975 )    $ 11,059,765     $ (36,352,137 ) 

Common stock, $.10 par value

      3,790,950       —        —        —        —        —   

Additional paid-in capital

      15,421,814       —        —        20,000,000       21,532,000       88,420,090  

Treasury stock

      —        —        —        —        —        —   

Retained earnings

      (543,297,533 )      (51,746,544 )      4,461,454       4,306,626       (8,310,946 )      11,019,196  

Accumulated other comprehensive income

      (529,688 )      —        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Ebix, Inc. stockholders’ equity

    $ (524,614,458 )    $ (51,746,544 )    $ 4,461,454     $ 24,306,626     $ 13,221,054     $ 99,439,286  

Noncontrolling interest

      —        —        —        —        —        —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total stockholders’ equity

    $ (524,614,458 )    $ (51,746,544 )    $ 4,461,454     $ 24,306,626     $ 13,221,054     $ 99,439,286  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities & Equity

    $ 583,406,559     $ 578,351     $ (118,656 )    $ 19,449,651     $ 24,280,819     $ 63,087,149  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 20 of 21

 

   MOR-3
In re: EBIX, INC., et al.    Lead Case No: 23-80004
Statement of Operations for the month of July 2024 - (Unaudited)    Reporting Period: July 1 - July 31, 2024

 

     Ebix, Inc.     P.B. Systems, Inc.      Facts Services, Inc.      Agency Solutions.com,
LLC d/b/a/ Health
Connect LLC		      ConfirmNet Corporation     A.D.A.M., Inc.  

Revenue

                

Operating Revenue

    $ 3,705,155     $ —       $ 80,861      $ 149,952      $ 80,134     $ 260,775  

Other Revenue

      153,238       —         —         —         —        —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Revenue

      3,858,393       —         80,861        149,952        80,134       260,775  

Operating Expenses

                

Services and other costs

      4,125,120       —         31,795        55,231        (958,892 )      177,630  

Product Development

      495,509       —         32,313        51,314        —        34,703  

Sales and Marketing

      526,846       —         —         25,912        —        —   

General and Administrative

      2,053,550       —         —         2,500        4,082       (201 ) 

Amortization and Depreciation

      348,187       —         —         —         —        9,527  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Operating Income

    $ (3,690,821 )    $  —       $ 16,754      $ 14,995      $ 1,034,944     $ 39,116  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Interest Income

      —        —         —         —         —        —   

Interest Expense

      (173,770 )      —         —         —         —        —   

Reorganization Fees

      (611,510 )      —         —         —         —        —   

Other non-operating income

      —        —         —         —         —        —   

Foreign exchange gain/loss

      —        —         —         —         —        —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Income before taxes

    $ (4,476,100 )    $ —       $ 16,754      $ 14,995      $ 1,034,944     $ 39,116  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Income tax expenses

      —        —         —         —         —        —   

Net Income (loss) including noncontrolling interest

      —        —         —         —         —        —   

Net income (loss) attributable to noncontrolling interest

      —        —         —         —         —        —   
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net income (loss)

    $ (4,476,100 )    $ —       $ 16,754      $ 14,995      $ 1,034,944     $ 39,116  
  

 

 

    

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

     

Case 23-80004-swe11  Doc 902  Filed 08/21/24  Entered 08/21/24 15:09:27  Desc

Main Document  Page 21 of 21

 

   MOR-4
In re: EBIX, INC., et al.    Lead Case No: 23-80004
Accounts Receivable Aging    Reporting Period: July 1 - July 31, 2024

 

Entity    Current      30 Days     60 Days      90 Days     120 Days      Allowance for
Doubtful Accounts		     Total  

Ebix, Inc.

    $  4,199,182      $ 594,685     $ 258,952      $ 282,381     $ 5,143,869      $ (3,101,781 )    $ 7,377,289  

P.B. Systems, Inc.

      —         —        —         —        —         —        —   

Facts Services, Inc.

      74,781        (58 )      —         8,400       43,377        (48,339 )      78,162  

Agency Solutions.com, LLC d/b/a/ Health Connect LLC

      22,291        4,926       3,582        1,753       24,793        (20,263 )      37,083  

ConfirmNet Corporation

      109,545        73,540       10,350        77,062       7,506,417        (144,570 )      7,632,344  

A.D.A.M., Inc.

      55,399        257,222       7,789        (3,146 )      28,687        (288,786 )      57,165  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Accounts Receivable

    $ 4,461,199      $ 930,316     $ 280,673      $ 366,451     $ 12,747,143      $  (3,603,739 )    $ 15,182,042