Court Approvals Begin Flowing
At a first-day hearing, U.S. Bankruptcy Judge Alfredo R. Perez approved a slate of motions critical to LifeScan’s day-to-day operations. These included:
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Payment of employee wages
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Maintenance of cash management systems
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Use of prepetition cash tied to lender collateral
“I do believe there is a sufficient evidentiary basis to enter this order on the first day,” said Judge Perez, later approving the bidding procedures that will govern the potential sale process.
Legal Teams and Advisors at the Helm
LifeScan is represented by:
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Milbank LLP: Dennis F. Dunne, Samuel Khalil, Jaimie Fedell, Andrew M. Leblanc, Melanie Yanez
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Porter Hedges LLP: John F. Higgins, M. Shane Johnson, Megan Young-John, James A. Keefe, Grecia V. Sarda
PJT Partners LP is spearheading the sales effort as investment banker.
As LifeScan attempts to reboot with less debt and a clearer strategy for CGM adoption, its journey through Chapter 11 may either mark a new chapter of innovation—or a handoff to new ownership looking to re-engineer a legacy player for the digital health era.
