June 8, 2026 - Inotiv, GoldenPeaks Pland Holding

This episode covers key developments in two major restructuring and bankruptcy cases:

Inotiv, a global contract research organization serving the pharmaceutical and biomedical research industries, files a prepackaged Chapter 11 designed to eliminate approximately $325 million in funded debt. Backed by overwhelming creditor support, the plan converts debt into equity, preserves more than $300 million in tax attributes, and utilizes a unique DIP-to-exit financing structure that replaces cash repayment with long-term debt in the reorganized company.

GoldenPeaks Poland Holding, one of Eastern Europe’s largest solar power operators, brings a complex cross-border restructuring to the Southern District of Texas. With approximately $952 million in funded debt, severe liquidity constraints, and a sprawling portfolio of hundreds of solar projects, the company seeks $162.8 million in DIP financing from Brookfield while pursuing a sale or plan-based exit on an accelerated timeline.

💡 From life sciences and pharmaceutical research to utility-scale renewable energy, this episode explores how companies are using innovative financing structures, creditor-backed restructurings, and cross-border Chapter 11 strategies to address mounting debt burdens and operational challenges.

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Transcript

Outro

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Welcome to Stretto's Restructuring Report, a podcast featuring notable stories curated by professionals and powered by Stretto Intelligence. Join us each week for highlights, updates, and news impacting restructuring professionals. And dig deeper into research and analysis online using Research Suite by Stretto. Now enhance by AI to make it easier for professionals to find, review, and understand information that matters most. Visit researchsuite.streto.com to learn more.

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This is a prepackaged case. The restructuring was fully negotiated and documented before the filing. A restructuring support agreement signed the day before the petition carries the consent of more than 99% of first lien claims, more than 85% of the company's PIK notes, and more than 80% of its unsecured convertible notes. The plan would eliminate roughly $325 million of funded debt. InnoTEVE is an Indiana-based contract research organization with two business segments, one providing non-clinical drug discovery and safety testing services, and another supplying purpose-bred laboratory animals for biomedical research. The company runs 24 facilities across four countries and employs about 1,756 people. For the six months ended March 31st, it reported revenue of approximately $238.5 million. The distress traces directly to a growth strategy. Between 2018 and 2022, the company completed 14 acquisitions in about four years, the largest being the 2021 purchase of Envigo. That left it carrying approximately $488.7 million of funded debt at a weighted average rate above 11.6%, with interest expense of about $27.5 million in the most recent six-month period, running against a declining top line and an operating loss of roughly $35.6 million. An independent valuation by Perella Weinberg Partners placed the company's enterprise value between $222 million and $273 million. With first lien claims alone totaling $274.9 million, the senior debt sits at or above the entire value of the business, which means every junior layer is technically out of the money. Under the plan, first lien lenders would receive 93% of the reorganized equity with an estimated recovery of about 54.4%. Junior noteholders would receive a negotiated 7% of the equity plus warrants. The company entered bankruptcy with only about $2.7 million in cash against weekly operating costs near $8 million. To bridge that gap, it sought approximately $65.5 million in debtor in possession financing. The defining feature of that financing is a conversion mechanism. The loans convert dollar for dollar into a $150 million exit facility on the effective date, repaying the lenders with senior debt in the reorganized company rather than cash. Trade creditors and employees are being paid in full, which keeps general unsecured creditors unimpaired. The plan also seeks to preserve approximately $303.3 million in tax attributes and to extend the automatic stay to the company's chief executive, who is the defendant in a fraud complaint tied to a 2024 financing transaction. The plan is set for a combined confirmation hearing on July 14th, with an effective date no later than July 23rd. In other bankruptcy news, Golden Peaks Poland Holding Limited and 39 affiliated entities filed for Chapter 11 protection on May 29th, also in the Southern District of Texas. The debtors describe themselves as the largest owner of utility-scale solar power assets in Poland and a leading renewable power producer in Eastern Europe. The enterprise spans roughly 368 entities across Malta, Poland, and the United States, of which 40 have filed so far. It operates 664 megawatts of energized solar capacity, with another 592 megawatts under construction or in development. The assets are organized into 14 portfolio groups named for the NATO phonetic alphabet and the individual solar projects. 548 of them are held by roughly 136 non-debtor special purpose vehicles. During 2025, the company generated $63 million in revenue from power sales. The case pairs that large asset base with an acute cash shortage. By mid-April, consolidated unencumbered cash had fallen below 1.1 million euros, while the company owed vendors more than $81 million. The distress accumulated from several sources. The Polish grid operator curtailed power sales, construction costs, and interest rates ran ahead of projections, and the company's primary operations and construction subcontractor, Spectrus Energy, collapsed after Polish tax authorities froze its accounts. Behind that sat a set of governance failures, including accounting ledgers that had not been closed since December. Total funded debt is approximately $952 million, all denominated in Euros. It layers into senior project debt of about $473 million, a mezzanine tranche of about $185 million, and a junior corporate facility of roughly $294 million held by Brookfield. Brookfield occupies an unusual position in these cases. It is the controlling equity holder, the junior secured lender, the emergency bridge lender, and now the proposed provider of debtor and possession financing. That financing runs up to approximately $162.8 million, comprising about $150.7 million in new money and a $12.1 million roll-up. More than half of the new money is discretionary, released only with the lender's consent and earmarked for construction. Brookfield would also hold credit bidding rights in any sale of the business. To address that concentration of roles, the debtors formed a special committee of two independent directors on June 1st, empowered to act on restructuring and related party matters. The company currently has no employees and relies on three outside providers for restructuring, asset management, and back office functions. A 13-week budget projects operating disbursements of $110 million and negative net cash flow of about $149.4 million. The debtors are targeting an exit within three to four months through a sale or a plan. A timeline the financing's three-month maturity is built to enforce. A final hearing on the financing is set for June 30th.

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That's it for this week's restructuring report. For more case summaries, court updates, and bankruptcy insights, subscribe wherever you get your podcast. If you're a restructuring professional, let Stretto help you stay informed, stay compliant, and stay ahead. Visit Stredo.com for more info.