Financial Restructuring Process Eliminates More Than 75% of Debt, Significantly Strengthening Financial Foundation

Expects to Emerge from Financial Restructuring Process by Year-End

Global Operations Continue Without Interruption as the Company Progresses Toward Emergence

LifeScan Inc. (“LifeScan” or the “Company”), a world leader in blood glucose monitoring, today announced that its Chapter 11 Plan of Reorganization (the “Plan”) has been approved by the United States Bankruptcy Court for the Southern District of Texas (the “Court”). With this approval, the Company is positioned to emerge from its financial restructuring process by the end of this year.

“Today’s approval marks a significant milestone in our financial restructuring process,” said Valerie Asbury, Chief Executive Officer of LifeScan. “I am deeply grateful for the support of our financial partners and the unwavering commitment of our employees, which have enabled us to stay focused on delivering on our mission for more than 20 million people in over 50 countries. This balance sheet restructuring provides a stronger foundation for LifeScan to support our base business, advance new growth strategies, and commence our journey to become one of the most comprehensive players in the glucose management space.”

Through the financial restructuring, LifeScan will eliminate more than 75% of its debt, positioning the Company to accelerate strategic investments that will support the future of the business. Upon emergence, LifeScan will be under majority ownership of a group of its existing lenders, including Canyon Partners and Brigade Capital Management, LP. These parties strongly believe in the Company’s growth prospects and the role LifeScan plays in the glucose management industry.

“We are pleased to have successfully reached this milestone, which positions LifeScan for long-term stability and growth as they continue to deliver innovative solutions for people around the world with diabetes and related conditions,” said Aaron Rizkalla, Managing Director at Canyon Partners.

“We’re pleased to support LifeScan as it advances its mission and reinforces its leadership in the glucose management sector to help the millions of people who rely on its products,” said Ray Garson, Partner at Brigade Capital Management, LP.

Additional information is available through the Company’s claims agent, Epiq at https://dm.epiq11.com/LifeScan. Stakeholders with questions can contact Epiq by calling 888-832-9472 (U.S./Canada) or 971-318-6618 (International).

Advisors

Milbank LLP is serving as legal advisor, Alvarez & Marsal is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Davis Polk & Wardwell LLP is serving as legal advisor and Houlihan Lokey is serving as investment banker to an ad hoc group of lenders that entered into the RSA.

About LifeScan

LifeScan is a global leader in blood glucose monitoring and digital health technology and has a vision to create a world without limits for people with diabetes. More than 20 million people and their caregivers around the world count on LifeScan's OneTouch® brand products to manage their diabetes. Together, LifeScan and OneTouch® improve the quality of life for people with diabetes with products and digital platforms defined by simplicity, accuracy, and trust. For more information, please visit LifeScan.com.

About Canyon Partners, LLC

Founded in 1990, Canyon employs a deep value, credit intensive approach across public and private corporate credit, asset backed credit, and real estate. The firm seeks to capture excess returns available to those investors with specialized expertise, rigorous research capabilities, and the ability to underwrite complexity. Canyon invests on behalf of a broad range of institutions globally. For more information visit www.canyonpartners.com.

About Brigade Capital Management, LP

Brigade Capital Management, LP (“Brigade“) is a global asset management firm founded in 2006 with over $30 billion in assets under management. Brigade invests in public and private credit instruments using a bottom-up investment philosophy across a variety of diversified funds. As an SEC-registered investment advisor, Brigade is one of the largest independent alternative asset managers with a 49-person investment team. Founded by Donald E. Morgan III (CIO and Managing Partner), Brigade is headquartered in New York with a global footprint that includes an office in London.

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