Cadwalader Advises Ellington Management Group and Ankura Trust Company on LifeScan Restructuring

Cadwalader represented Ellington Management Group (on behalf of certain of its funds) and Ankura Trust Company, LLC, as agent to secured debtholders under the 2018 First Lien Credit Agreement, in the restructuring of LifeScan Global Corporation and affiliated debtors. Ellington held nearly two‑thirds of the debt outstanding under LifeScan’s 2018 First Lien Credit Agreement. Cadwalader advised Ellington with respect to the restructuring of the debtors’ capital structure both prior to and during the chapter 11 proceedings, and also advised Ankura in its capacity as administrative and collateral agent. LifeScan filed for chapter 11 protection on July 15, 2025. Throughout the process, Cadwalader worked closely with the debtors and other creditor groups to craft a consensual resolution of a complex debt structure that included a significant pre‑bankruptcy liability management transaction. The negotiated resolution, reflected in the debtors’ Plan and Restructuring Support Agreement, delivered a significant recovery for a creditor class that the debtors had initially described as entirely undersecured. The successful completion of LifeScan’s restructuring concludes a highly complex, large‑scale workout, locking in meaningful recoveries for Ellington and its fellow lenders despite the potential impact of the prior liability management transaction. Cadwalader represented Ellington Management Group (on behalf of certain of its funds) and Ankura Trust Company, LLC with a team composed by: Partners Doug Mintz and Casey Servais; Partner Adam Magid; Associates Raymond Navaro, Diarra Edwards, Douglas Mo and Maria‑Giovanna Jumper; Paralegal Sarah Roberts.

Cadwalader Advises Ellington Management Group and Ankura Trust Company on LifeScan Restructuring

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