We advised an ad hoc group of secured lenders in connection with LifeScan’s chapter 11 proceedings

Davis Polk advised an ad hoc group of first-lien and second-lien lenders in connection with the chapter 11 restructuring of LifeScan.

On July 15, 2025, LifeScan filed voluntary petitions for chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas with a restructuring support agreement that was supported by nearly 100% of first-lien and second-lien lenders, including the ad hoc group. LifeScan’s chapter 11 plan was confirmed by the Bankruptcy Court on October 27, 2025, and went effective on December 8, 2025. The plan reflected a comprehensive settlement among various parties in interest, including LifeScan, the ad hoc group and the Official Committee of Unsecured Creditors, and restructured over $1.7 billion of LifeScan’s liabilities. Under the plan, substantially all of LifeScan’s assets were acquired by special purpose entities formed for the purposes of a credit bid by the prepetition first-lien and second-lien lenders pursuant to which the lenders received consideration in the form of cash, takeback term loans and equity in the acquiring entities.

LifeScan is a medical device manufacturer focused on the glucose management and diabetes market. For more than 40 years, LifeScan has advanced glucose management and diabetes care with pioneering technologies and new products defined by simplicity, accuracy and trust. More than 20 million people and their caregivers around the world count on LifeScan’s OneTouch brand products to manage their diabetes.

The Davis Polk restructuring team included partner Damian S. Schaible, counsel Michael Pera and associates Andrew Frisoli, Ethan Stern, Trevor D. Jones and Katharine O’Neill. The finance team included partner Jon Finelli and associates Christopher Martin and Linyang Wu. The litigation team included partner Elliot Moskowitz and associate Adam M. Greene. The M&A team included partner Harold Birnbaum, counsel Jacob S. Kleinman and associate Michael Allen Nakamura. Partner Kara L. Mungovan and counsel Yixuan Long provided tax advice. All members of the Davis Polk team are based in the New York office.

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