A Pennsylvania-based glucose and diabetes monitoring device manufacturer listing liabilities of $1.7 billion filed for Chapter 11 bankruptcy protection Tuesday in the Southern District of Texas.
In its first-day filing, LifeScan Global and eight of its affiliated businesses stated that the company has entered into a restructuring agreement with its first- and second-lien lenders and its equity sponsor, which would reduce its debt by 75 percent and essentially hand over the company to its creditors.
LifeScan selected Milbank and Porter Hedges to serve as its primary legal advisors in the bankruptcy. Houston partner John Higgins of Porter Hedges submitted the first-day petitions.
In addition, LifeScan has hired Alvarez & Marsal as financial and restructuring advisor, PJT Partners LP as its investment banker and C Street Advisory Group as strategic communications advisor.
For the group of ad hoc lenders, Davis Polk & Wardwell is serving as legal advisor and Houlihan Lokey is serving as investment banker.
Lender Bank of America is represented by Cahill Gordon & Reindel and Haynes Boone.
The case has been assigned to Houston Bankruptcy Judge Alfredo Perez.
The case is LifeScan Global Corp., SDTX case No. 25-90259.