"Zinna's proposal acts as a baseline for competitive bids for the acquisition of our North American Life and Annuity assets to a prospective strategic software company, who can seamlessly handle our NA L&A customer base. During the Chapter 11 process, operations worldwide will continue in the ordinary course while we complete the marketing and sale process to address the maturity of the Company's credit facility," said Robin Raina, President and CEO of Ebix. "With less than 15% of our worldwide revenues coming from the NA L&A assets being sold to address the credit, and the rest of the businesses of the Company continuing to exhibit strong fundamentals, we believe that the Company's future is bright – with strong operating fundamentals, a robust business model, world-class products, and a continued ability to generate healthy operating cash flows across the world."