Filing Alert: LifeScan Chapter 11
LifeScan Files Chapter 11 in Southern District of Texas
LifeScan Global Corporation and its debtor affiliates⁽¹⁾, a Malvern, PA-based manufacturer and distributor of blood glucose monitoring systems and diabetes management products, filed for Chapter 11 protection on Jul. 15 in the U.S. Bankruptcy Court for the Southern District of Texas.
The company filed under a prearranged restructuring support agreement (RSA) with its first- and second-lien lenders and equity sponsor Platinum Equity to reduce its debt by more than 75% and transfer majority ownership to existing lenders. LifeScan intends to operate in the ordinary course throughout the proceedings and anticipates emerging by year-end with a strengthened balance sheet and enhanced liquidity to support its U.S. and international growth initiatives.
The company reports $1 billion to $10 billion in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-90259.
⁽¹⁾ For a complete list of Debtor entities, see the organizational structure chart below.
Corporate Organizational Structure
Top Unsecured Claims
Key Parties
Local Bankruptcy Counsel:
- John F. Higgins
- Porter Hedges LLP
- Email: jhiggins@porterhedges.com
General Bankruptcy Counsel:
- Milbank LLP
Investment Banker:
- PJT Partners LP
Financial Advisor:
- Alvarez & Marsal North America, LLC
Signatories:
- James Rushing – Chief Financial Officer
Claims Agent:
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
Stay informed on every Chapter 11 bankruptcy case with liabilities exceeding $10 million. Subscribe for free to have our coverage delivered directly to your inbox, and explore our full archive of past summaries.
Subscribers can also opt in to timely filing alerts by updating their email preferences in Account Settings.
