AMERICAS DISTRESS DAILY: LifeScan, Lenders Agreed Restructuring

Glucose-monitor maker LifeScan Global Corp. reached a deal with some of its creditors to gain financial breathing room and avoid a possible bankruptcy filing by equitizing some of its debt, according to people familiar with the situation.

The Platinum Equity-based firm — which has been pressured by revenue declines — disclosed to a broader group of lenders a debt-restructuring plan that would keep Platinum’s ownership stake intact, said the people, who asked not to be identified discussing a private matter.

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