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Cadwalader Represents Ellington Management Group and Ankura Trust Company in LifeScan Restructuring

December 10, 2025

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. The Cadwalader team 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 hand‑in‑hand with other key constituents, including the debtors and creditor groups, to craft a consensual resolution of a complicated debt structure that featured 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 class that the debtors initially described as entirely undersecured.

The successful completion of LifeScan’s restructuring marks the conclusion of 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. 

Partners Doug Mintz and Casey Servais led the Cadwalader team, which includes partner Adam Magid and associates Raymond Navaro, Diarra Edwards, Douglas Mo and Maria‑Giovanna Jumper with paralegal Sarah Roberts.

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