The analytical drug discovery and development services and research company Inotiv and 18 of its affiliated companies filed for Chapter 11 bankruptcy protection Wednesday in the Southern District of Texas with a prepackaged restructuring plan with its first lien lenders and an ad hoc group of its noteholders that will “implement a comprehensive recapitalization transaction that will strengthen its capital structure.”
Inotiv, which cites $500 million to $1 billion in both liabilities and assets, hired Ropes & Gray and Hunton Andrews Kurth as its lead legal advisors.
In court documents filed Wednesday, Inotiv said the restructuring will reduce its debt by approximately $326 million and that the business will maintain normal operations without disruption.
Four large corporate law firms — Covington & Burling, Proskauer Rose, McGuireWoods and Faegre Drinker Biddle — are listed among the top 30 creditors being owed a combined $4.5 million.
The lawyers for Ropes & Gray are Cristine Pirro Schwarzman and Daniel Forman — both based in New York. The Hunton AK lawyers working on the bankruptcy include Tad Davidson, Philip Guffy and Kaleb Bailey.
Inotiv selected 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.
The case has been assigned to Houston Bankruptcy Judge Christopher Lopez.
The case is In re: Inotiv, SDTX, No. 26-90601.