Platinum-Backed LifeScan, Lenders Reach Debt-Restructuring Deal

Glucose-monitor maker LifeScan Global Corp. has 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 this week 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.

LifeScan is looking for full lender support for the deal in order to avoid a bankruptcy filing, ...