Health
Platinum-Backed LifeScan in Talks to Hand Control to Lenders
A nurse helps a student with a LifeScan OneTouch glucose at a school in Upper Marlboro, Maryland on June 10.
Photographer: Marvin Joseph/The Washington Post/Getty Images
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.