MALVERN, PA — LifeScan said it has emerged from Chapter 11 bankruptcy after a court-approved restructuring that eliminated more than 75% of its prepetition debt, strengthening the balance sheet of the glucose monitoring company behind the OneTouch brand.
The company’s plan of reorganization was approved October 27, clearing the way for LifeScan to move forward under new ownership by a group of its existing lenders, including Canyon Partners and Brigade Capital Management. The restructuring significantly reduced leverage and is intended to give the company greater flexibility to invest in product affordability and availability, particularly in key international markets.
LifeScan serves more than 20 million people worldwide with blood glucose monitoring products and said the reorganization positions it to maintain leadership in a highly competitive diabetes care market while navigating pricing pressures and global demand shifts.
Chief Executive Officer Valerie Asbury said the company is entering a new phase with a stronger financial foundation and renewed focus on patients. She said the reduced debt burden allows LifeScan to prioritize investments that expand access and lower costs for people managing diabetes.
Representatives of the new ownership group said they view the restructuring as a reset rather than a retreat. Canyon Partners Managing Director Aaron Rizkalla said the firm expects to support LifeScan as it builds on its established brand and global footprint. Brigade Capital Partner Ray Garson said the lenders see significant opportunity ahead and plan to work closely with management as the company executes its next phase of growth.
LifeScan was advised in the restructuring by Milbank LLP as legal counsel, Alvarez & Marsal as financial and restructuring advisor, PJT Partners as investment banker, and C Street Advisory Group for communications. An ad hoc group of lenders was advised by Davis Polk & Wardwell and Houlihan Lokey.
The company said its emergence from Chapter 11 marks a turning point, allowing it to operate with greater financial stability while continuing to focus on improving outcomes for people living with diabetes.
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