Inotiv Reaches Recapitalization Agreement With Creditors, Enters Voluntary Chapter 11

Paul, Weiss is advising an ad hoc group of Inotiv, Inc., noteholders in Inotiv’s voluntary prepackaged chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. Indiana-based Inotiv, a leading contract research organization, announced the filing after reaching a restructuring support agreement with the ad hoc group alongside its prepetition first lien lenders.

Under the agreement, Inotiv will implement a comprehensive recapitalization transaction and reduce its debt by about $326 million. Inotiv has also received $40 million in bridge financing and commitments for $25 million in new money debtor-in-possession financing. The funds will be used to support Inotiv’s continuing business operations during the chapter 11 process.

The Paul, Weiss team includes restructuring and debt capital solutions partner Jacob Adlerstein; corporate partners Christodoulos Kaoutzanis and Timothy Cruickshank, and counsel Lyudmila Bondarenko; and antitrust partner Richard Pepper.