Platinum-Backed LifeScan Files for Bankruptcy in Texas Court (1)

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 and will see its debt cut by more than 75%, LifeScan said in a statement on Tuesday.

The company listed $1.7 billion of liabilities, court documents show. Bloomberg News previously reported the firm was in talks to cede control of the business to second-lien creditors and restructure the debt.

Platinum acquired LifeScan from Johnson ...