NOTV Inotiv, Inc.
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Executive Summary
Inotiv files for Chapter 11 bankruptcy with a prepackaged plan that cancels all existing common equity. Total funded debt of $488.7 million will be reduced to $163.3 million, with first-lien lenders receiving 93% of new equity and exit term loans, while PIK and convertible noteholders receive a 7% equity stake and warrants. Existing shareholders will receive no distribution.
Actionable Insight
Common stock (NOTV) is expected to be worthless upon emergence — the plan cancels all existing equity. Traders should exit any long positions immediately. The prepackaged plan has broad creditor support, so the bankruptcy process may be swift (emergence targeted July 2026), but there is no recovery for equity holders.
Key Facts
- Total prepetition funded debt of $488.7 million ($274.9M first lien, $28.3M PIK notes, $131.7M convertible notes, $40.5M bridge facility, $13.3M DOJ settlement).
- Plan reduces funded debt to $163.3 million post-emergence via a $150M exit term loan facility and reinstates DOJ settlement payments.
- First-lien claims (Class 3) receive 93% of new equity and remaining exit term loans; PIK notes (Class 5) and convertible notes (Class 6) together receive 7% of new equity and new warrants.
- Existing common equity (Class 11) is cancelled with no distribution; company will become private and delist from Nasdaq.
- Plan is supported by >66.67% of each voting class and a Restructuring Support Agreement (RSA) is in place.
- DIP facility of $65.5 million ($25M new money + $40.5M roll-up of bridge loans) to fund operations during Chapter 11.
- Voting deadline for impaired creditors is July 6, 2026; expected emergence on July 17, 2026.
Financial Impact
Equity holders receive nothing; total funded debt reduced from $488.7M to $163.3M (66.6% deleveraging).
Risk Factors
- Plan confirmation or consummation could be delayed if conditions precedent (including Bankruptcy Court approval) are not met.
- If the plan fails, alternative outcomes (Chapter 7 liquidation) could produce even lower recoveries.
- Potential objecting creditors or regulatory hurdles could disrupt the timeline.
Market Snapshot
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-069950 |
| Document: tm2616729d1_ex10-1.htm | 0001104659-26-069950 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
4d ago
|
8-K
| $0.1131 awaiting T+1 | awaiting T+1 | — | $0.0799 (+29.35%) |
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Jun 3, 2026
9d ago
|
8-K
| $0.1200 $0.0900 | ▲ +25.00% | ▲ +25.40% | $0.0799 (+33.42%) |
|
Jun 1, 2026
11d ago
|
8-K
| $0.3100 $0.2600 | ▲ +16.13% | ▲ +16.27% | $0.0799 (+74.23%) |
|
Mar 24, 2026
11w ago
|
8-K
| $0.3200 $0.3000 | ▲ +6.25% | ▲ +6.82% | $0.0799 (+75.03%) |
US Market Status
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