Platinum-Backed LifeScan Files for Bankruptcy in Texas Court

LifeScan Global Corp., the glucose-monitor maker backed by private equity firm Platinum Equity, filed for bankruptcy protection in Texas on Tuesday after reaching a deal to hand over the business to creditors.

The plan has the backing of 97% of the company’s secured creditors and will see its debt cut by more than 75%, LifeScan said in a statement on Tuesday.