LifeScan to Emerge from Chapter 11 Bankruptcy
LifeScan, a glucose monitor maker, announced that its Chapter 11 bankruptcy reorganization plan has been approved by the U.S. Bankruptcy Court for the Southern District of Texas.
The company is now positioned to emerge from its financial restructuring process by the end of the year, with plans to "transform its balance sheet" and position itself for a stronger, more profitable future.
- LifeScan expects to reduce more than 75% of its debt.
- The company plans to accelerate strategic investments that support its future.
LifeScan will emerge from the process under the majority ownership of a group of existing lenders, including Canyon Partnership and Brigade Capital Management.
Author's summary: LifeScan emerges from bankruptcy.
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