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INNOVATE Corp Adopts PIK Interest to Bolster Liquidity

INNOVATE Corp. logoINNOVATE Corp.
Sig2.90Sen+1.80Env0.00Soc0.00Gov-1.10

INNOVATE will shift 2026 interest to payment-in-kind to cut August 1, 2026 cash interest outlay, lowering cash interest to $3.1 million on 10.50% 2027 Senior Secured Notes and to $0.5 million on 2027 Convertible Notes. Consenting holders receive in-kind interest plus a 1.5% consent fee in additional notes, while non-consenting holders keep cash. Lancer Capital consented on the convertible notes, receiving $0.1 million in additional principal. Separately, R2 Technologies amended a promissory note with Lancer to extend maturity from August 1

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