AMERICAS DISTRESS DAILY: LifeScan Files for Bankruptcy in Texas

LifeScan Global Corp., the glucose-monitor maker backed by private equity firm Platinum Equity, filed for bankruptcy protection in Texas on Tuesday after reaching a deal to hand over the business to creditors.

• The plan has the backing of 97% of the company’s secured creditors. It will see debt cut by more than 75% and will allow the company to continue operating normally during its Chapter 11 case.
• Alongside $667 million of financial debt, LifeScan reported more than $1 billion of outstanding rebate claims on its balance sheet. These originated from agreements with US pharmacy benefit managers, state Medicaid entities, and ...