Platinum-Backed LifeScan in Talks to Hand Control to Lenders

LifeScan Global Corp. is finalizing terms of a restructuring support agreement that would turn control of the glucose-monitor maker to second-lien creditors.

An agreement would amend a February deal with lenders that called for the reconfiguration of Platinum Equity-backed LifeScan’s debt pile and slimming the firm’s ownership. Now, the second-lien creditors would get 75% of the reorganized company — up from 25% under the original deal — according to people familiar with the situation.

The company and creditors have discussed executing the reorganization plan in Chapter 11 bankruptcy proceedings, said the people, who asked not to be identified discussing ...