LifeScan Emerges from Chapter 11 Following Lenders‑Backed Restructuring

Davis Polk represented an ad hoc group of first‑lien and second‑lien lenders in connection with LifeScan’s chapter 11 proceedings. LifeScan filed voluntary petitions for chapter 11 in the United States Bankruptcy Court for the Southern District of Texas on July 15, 2025, accompanied by a restructuring support agreement supported by nearly 100% of first‑lien and second‑lien lenders, including the ad hoc group. The Bankruptcy Court confirmed LifeScan’s chapter 11 plan on October 27, 2025; the plan went effective on December 8, 2025. The confirmed plan reflected a comprehensive settlement among LifeScan, the ad hoc lender group, the Official Committee of Unsecured Creditors and other parties in interest 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 to effect a credit bid by the prepetition first‑ and second‑lien lenders. 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 it has marketed OneTouch brand products, relied upon by more than 20 million people and their caregivers worldwide to manage diabetes. Davis Polk represented the ad hoc group of first‑lien and second‑lien lenders with a team composed by: Damian S. Schaible (partner, restructuring); Michael Pera (counsel, restructuring); Andrew Frisoli, Ethan Stern, Trevor D. Jones and Katharine O’Neill (associates, restructuring); Jon Finelli (partner, finance); Christopher Martin and Linyang Wu (associates, finance); Elliot Moskowitz (partner, litigation) and Adam M. Greene (associate, litigation); Harold Birnbaum (partner, M&A), Jacob S. Kleinman (counsel, M&A) and Michael Allen Nakamura (associate, M&A); and Kara L. Mungovan (partner, tax) and Yixuan Long (counsel, tax). All members of the Davis Polk team were based in the New York office.

LifeScan Emerges from Chapter 11 Following Lenders‑Backed Restructuring

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