Inotiv, Inc.

Inotiv, Inc. has entered into a Superpriority Secured Debtor-In-Possession (DIP) Credit Agreement for $65.5 million on June 5, 2026. This financing follows the company's voluntary Chapter 11 bankruptcy filing on June 3, 2026. The DIP Facility comprises $25 million in new money term loans and a $40.52 million roll-up facility for existing prepetition bridge loans. Upon emergence from Chapter 11, all outstanding DIP obligations are expected to convert into a senior secured first lien exit term loan facility of up to $150 million.

Inotiv, Inc. has filed for voluntary Chapter 11 bankruptcy to implement a comprehensive restructuring of its debt obligations and capital structure. The pre-packaged plan, supported by a substantial majority of its creditors, is expected to reduce the company's total funded debt by approximately $326 million through a debt-to-equity conversion. Inotiv secured $65 million in new money financing to support operations and anticipates emerging as a private company within 50 days, with no expected adverse operational impact.

Inotiv, Inc. secured a second extension for the grace period related to a missed interest payment on its 3.25% Convertible Senior Notes due 2027. The company failed to make an approximately $2.139 million interest payment on April 15, 2026. Following consents from noteholders, the grace period was extended from 44 days to a total of 51 days, now through June 5, 2026, to avoid a formal default.

Inotiv, Inc. entered into a Ninth Amendment to its Credit Agreement, establishing a new $40.0 million Bridge Facility. The company initially borrowed $27.5 million from this facility to repay approximately $14.3 million in outstanding revolving loans and terminate all revolving commitments. The amendment also modified certain financial covenants, including waivers for Q1 2026 and new thresholds for subsequent quarters, and mandated the formation of a special committee of the Board, leading to the appointment of an independent director.

Inotiv, Inc. has raised substantial doubt about its ability to continue as a going concern, citing potential non-compliance with financial covenants and insufficient liquidity. The company failed to make a $2.139 million interest payment on its Convertible Bond Indenture, with the grace period expiring on May 15, 2026, which would trigger an event of default. For the three months ended March 31, 2026, Inotiv reported a widened net loss of $(32.47) million on a 5.4% decrease in total revenue to $117.65 million.

Inotiv, Inc. announced that its lenders under the Credit Agreement, dated November 5, 2021, granted a waiver of the minimum liquidity covenant. This waiver specifically covers the liquidity test dates of May 1, 2026, and May 8, 2026. The company noted that the waiver was limited to this particular covenant and these dates, with no other provisions of the Credit Agreement being amended.

Inotiv, Inc. announced that its lenders have granted a waiver for the minimum liquidity covenant under its Credit Agreement. This waiver specifically covers the liquidity test dates of April 17, 2026, and April 24, 2026. The company clarified that this waiver is limited to these specific dates and the liquidity covenant, with no other provisions of the Credit Agreement being amended.

Inotiv, Inc. announced that its lenders granted a waiver for the minimum liquidity covenant under its Credit Agreement for the April 3, 2026 and April 10, 2026 liquidity test dates. This waiver provides Inotiv with temporary relief from meeting the minimum liquidity requirements, potentially avoiding a default under the Credit Agreement.