LifeScan announced today that it emerged from its Chapter 11 financial restructuring process as it looks to continue advancing its glucose management offerings.
Malvern, Pennsylvania-based LifeScan said in July that it entered into a restructuring support agreement. To implement it, the company filed for Chapter 11. In October, the Chapter 11 bankruptcy reorganization plan received U.S. Bankruptcy Court approval.
Through the process, Lifescan said it eliminated more than 75% of its debt. This gives it the financial flexibility to move forward with its glucose management technology.
In connection with the emergence, LifeScan is now owned by a group of its existing lenders. That includes Canyon Parnters and Brigade Capital Management. The company expects to move forward serving more than 20 million people with its OneTouch brand backed by a stronger balance sheet and committed new ownership group.
The company develops the OneTouch Bluetooth-connected blood glucose meter and mobile diabetes app. It aims to provide simplicity, accuracy and trust in diabetes management.
“Today signals a powerful new beginning for LifeScan and enables us to lead from a position of strength,” said Valerie Asbury, CEO. “We are reinforcing our commitment to the patients who rely on our products now that we have the flexibility to invest where it matters most: improving affordability and accessibility in key countries and markets. I’m grateful to our employees and partners whose dedication to LifeScan made this possible.”
