We advised an ad hoc group of first-lien lenders in connection with Inotiv’s chapter 11 proceedings

Davis Polk advised an ad hoc group of first-lien lenders in connection with the successful prepackaged chapter 11 restructuring of Inotiv, Inc. The ad hoc group provided Inotiv with $65.4 million in debtor-in-possession financing and further capital commitments to support Inotiv’s reorganized business.

Inotiv and certain of its subsidiaries filed voluntary chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas on June 3, 2026. Shortly before the filing, the ad hoc group, representing approximately 95% of Inotiv’s first-lien term loans, executed a restructuring support agreement with Inotiv. On July 14, 2026, just 42 days after the chapter 11 cases were commenced, the bankruptcy court confirmed Inotiv’s prepackaged plan of reorganization. Under the terms of the plan, which went effective on July 19, 2026, Inotiv’s funded indebtedness was reduced by approximately $326 million, while leaving all third-party unsecured creditors unimpaired.

Inotiv is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services, research models and related products and services. Inotiv’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data and reducing the cost of taking new drugs and medical devices to market. The company is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world.

The Davis Polk restructuring team included partners Damian S. Schaible and Jonah A. Peppiatt, counsel Amber Leary and associates Moshe Melcer and Cameron Carpenter. The finance team included partner Kenneth J. Steinberg, counsel Andrei Takhteyev and associate Benjamin Glass. The tax team included partner Corey M. Goodman and counsel Tracy L. Matlock. The equity derivatives team included partner Caitlin L. Wood and counsel Katharine O’Banion. Counsel Jacob S. Kleinman provided corporate advice. Counsel Brian Hecht provided capital markets advice. Partner Matthew Yeowart provided regulatory advice. Members of the Davis Polk team are located in the New York and London offices.

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