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

On June 2, 2026, holders of a substantial majority of Inotiv’s funded debt claims entered into a restructuring support agreement (RSA) in connection with Inotiv’s chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas.

Inotiv filed a prepackaged plan of reorganization that contemplates that all third-party general unsecured creditors will be unimpaired and will reduce Inotiv’s funded indebtedness by approximately $326 million through a conversion of a substantial portion of the company’s funded debt obligations into equity and warrants of the reorganized company. The members of the ad hoc group have committed to provide Inotiv with a debtor-in-possession financing facility in an aggregate amount of $65.4 million, consisting of $25 million in new money senior secured superpriority term loans, and approximately $40.5 million roll-up of outstanding delayed draw term loans under the company’s prepetition bridge facility. Upon consummation of the plan, the members of the ad hoc group will collectively own a majority of the equity interests in the reorganized business.

Inotiv is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and 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 includes partners Damian S. Schaible and Jonah A. Peppiatt, counsel Amber Leary, associates Moshe Melcer and Cameron Carpenter. The finance team includes partner Kenneth J. Steinberg, counsel Andrei Takhteyev and associate Benjamin Glass. Partner Corey M. Goodman and counsel Tracy L. Matlock are providing tax advice. All members of the Davis Polk team are located in the New York office.

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