Iovate, Maker of Hydroxycut and MuscleTech, Files NOIs to Pursue Restructuring

Iovate Health Sciences International Inc. and certain affiliates filed Notices of Intention to Make a Proposal under the Bankruptcy and Insolvency Act on September 5, 2025

Founded in 1995 and based in Oakville, Ontario, the Iovate Group develops and markets performance nutrition and weight management products under brands such as MuscleTech, Hydroxycut, Six Star, and Purely Inspired. Its products are distributed through Walmart and other major retailers, online platforms, and international distribution partners to more than 90 countries. The group employs nearly 180 people worldwide.

The filings follow defaults under a USD $115.8 million syndicated credit facility and the enforcement of a USD $12.5 million judgment obtained by California-based manufacturer Orgain over the use of green protein powder containers. Enforcement actions included garnishment of Walmart, which withheld approximately USD $8 million otherwise payable to Iovate. Combined with the lender defaults, these actions strained liquidity and precipitated the filings.

While under protection, the company intends to stabilize operations and pursue an orderly cross-border restructuring. The NOI process is expected to give Iovate breathing room to preserve going-concern value, protect its relationships with major distribution partners, and safeguard employment while it develops a plan of compromise.

KSV Restructuring Inc. is acting as proposal trustee. KPMG is serving as financial advisor to the debtors. Counsel Chaitons LLP for the debtors, Osler, Hoskin & Harcourt LLP for the proposal trustee, Bennett Jones LLP for Iovate’s majority shareholder, Blake, Cassels & Graydon LLP for the lending syndicate, and Davies Ward Phillips & Vineberg LLP for Orgain.