Inotiv Inc (NOTV) News & EventsNOTVNews & EventsInotiv Inc

Inotiv Receives Confirmation of Bankruptcy Reorganization Plan

Inotiv announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the company's Plan of Reorganization. With this approval in place, the company expects to emerge from Chapter 11 protection shortly, with a significantly strengthened balance sheet, supported by Inotiv's existing stakeholders, who collectively manage more than $60B in assets, and who provided additional capital to support the company and the execution of its long-term objectives. "We initiated this process with a clear objective: strengthen our financial foundation and position Inotiv to execute on our long-term strategy," said Bob Leasure, President and Chief Executive Officer of Inotiv. "With Plan confirmation, we are nearing the finish line and are poised to emerge well-capitalized. I am proud of our team's focus and execution throughout the process, which has allowed Inotiv to maintain continuity of service and delivery and remain focused on consistent quality, scientific rigor, and timelines for its clients. I am grateful to our clients and suppliers for their continued partnership."

Inotiv Enters Restructuring Support Agreement with Creditors

Inotiv announced that it has entered into a Restructuring Support Agreement, or RSA, with its Prepetition First Lien Lenders and Ad Hoc Group of Noteholders, constituting substantially all of its junior creditors, to implement a comprehensive recapitalization transaction that will strengthen its capital structure. To implement the transaction, Inotiv has filed a voluntary, prepackaged chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. Through this process, Inotiv will reduce its debt by approximately $326M. The Company will maintain normal operations without disruption and continue to deliver critical research models and services to its clients. Inotiv has received commitments for $25M in new money debtor-in-possession financing, which follows $40M in bridge financing provided in May. These funds will be used to support the business throughout the chapter 11 process. Inotiv intends to emerge from this process as a healthier, well-capitalized business with the benefit of significantly less debt. In line with the RSA, the Company has begun soliciting votes on a pre-packaged plan of reorganization, and has secured the affirmative votes of holders of the necessary majorities of all tranches of its capital structure under its credit agreement and bond indentures. Inotiv will continue normal business operations during the process and expects to seek confirmation of the plan of reorganization and emerge from chapter 11 on an expedited basis. The Company has filed a number of customary motions with the Court to ensure ordinary operations are not disrupted during the pendency of the chapter 11 case. To that end, the Company has filed an "all-trade" motion with the Court that will allow it to continue paying vendors and suppliers in the ordinary course, as well as a "wages motion" that will allow it to continue paying employee obligations and benefits. Inotiv is advised in this matter by Ropes & Gray as legal counsel, Perella Weinberg Partners as investment banker, and FTI Consulting as financial and communications advisor. The Prepetition First Lien Lenders are advised by Davis Polk & Wardwell as legal counsel and BRG as financial advisors. The Noteholder Ad Hoc Group is advised by Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel.

Inotiv Announces Cybersecurity Incident

Inotiv is providing public notice regarding its cybersecurity incident that it became aware of on August 8, 2025. "As previously described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 18, 2025 and its subsequent SEC filings, Inotiv experienced a cybersecurity incident in early August 2025," the company said. "While Inotiv currently has no indication that personal information has been misused, it has provided notice via mail and email, and via this release and an accompanying posting on its website, to inform individuals whose personal information was potentially involved. This notification provides details of the incident and Inotiv's response, the resources it is making available to individuals whose personal information has been identified as potentially involved, and additional steps individuals can take if they believe their personal information was potentially involved. On August 5, 2025, Inotiv detected unusual activity on certain of its systems and promptly initiated an investigation. On August 8, 2025, Inotiv determined that this unusual activity was due to unauthorized actions by a threat actor. Inotiv's investigation determined that between approximately August 5-8, 2025, a threat actor gained unauthorized access to Inotiv's systems and may have acquired certain data. Upon learning of the potential data acquisition, Inotiv took prompt action to identify and review the data and identify individuals whose personal information may have been involved. Inotiv subsequently determined that certain data may have been acquired by the threat actor during this incident, including personal information. Inotiv maintains certain data related to current and former employees of Inotiv and their family members, as well as certain data related to other individuals who have interacted with Inotiv or companies it has acquired. Inotiv's review determined that the personal information potentially involved included names, Social Security numbers, tax identification numbers, driver's license numbers, other government-issued identification numbers or details, dates of birth, financial account information, payment card information, health insurance information, medical information, biometric data, passport information, digital signatures, and contact information, among other types of information."