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LifeScan Reaches Milestone Transaction to Improve Financial Flexibility and Enable Future-Focused Investments
LifeScan Reaches Milestone Transaction to Improve Financial Flexibility and Enable Future-Focused Investments

Yahoo

time15-07-2025

  • Business
  • Yahoo

LifeScan Reaches Milestone Transaction to Improve Financial Flexibility and Enable Future-Focused Investments

Initiates Prearranged Financial Restructuring Process to Significantly Strengthen Balance Sheet Operations Continue in the Ordinary Course, Including Full Continuity of OneTouch® Glucose Measurement and Management Offerings MALVERN, Pa., July 15, 2025--(BUSINESS WIRE)--LifeScan, Inc. ("LifeScan" or the "Company"), a world leader in blood glucose monitoring, today announced that it has entered into a Restructuring Support Agreement ("RSA") with its first- and second-lien lenders and current equity sponsor, Platinum Equity, that will transform its balance sheet and position the Company for a stronger and more profitable future. As contemplated in the RSA, LifeScan expects to reduce more than 75% of its debt, which will enable the Company to accelerate strategic investments that will support the future of the business. To implement the RSA as efficiently as possible, LifeScan filed voluntary petitions for prearranged chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). LifeScan's international subsidiaries are not included in the chapter 11 filing in the U.S. The Company expects to emerge from this process under the majority ownership of a group of the Company's existing lenders, with whom it has had a longstanding and productive relationship. Importantly, the Company's financial partners recognize the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan's go-forward strategy. "This balance sheet restructuring will significantly strengthen LifeScan's financial position, enabling us to continue serving more than 20 million customers across 50+ countries and put new growth strategies in place," said Valerie Asbury, Chief Executive Officer of LifeScan. "LifeScan is always evolving to meet the needs of our valued customers. In the U.S., we will continue to take action to expand access to OneTouch® so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription. We recognize that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels. I am deeply grateful for the partnership of our lenders and sponsor and the unyielding commitment of our employees, which will enable us to become a stronger company and create a world without limits for people with diabetes." With a stronger financial foundation upon emerging from this process, LifeScan will be better positioned to invest in its global business. The Company will continue to prioritize product availability and superior customer service as it works proactively to become one of the most comprehensive players in the glucose management industry. As part of this effort, the Company intends to accelerate strategies in the U.S. market that offer both stronger economics and more predictable patient access. LifeScan will continue to operate in the ordinary course of business during its chapter 11 cases and is focused on delivering on its commitments to customers, vendors, and employees. The Company has filed a number of customary "first day" motions which, upon approval by the Court, will enable LifeScan to continue operating as usual, including continuing to pay employee wages and benefits, maintaining customer programs, and honoring post-petition obligations to vendors. The Company expects to have the necessary liquidity to support operations during this process and anticipates emerging from chapter 11 by the end of the year. Additional information is available through the Company's claims agent, Epiq at Stakeholders with questions can contact Epiq by calling 888-832-9472 (U.S./Canada) or 971-318-6618 (International) or emailing lifescaninfo@ Advisors Milbank LLP and Porter Hedges LLP are serving as legal advisors, 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 View source version on Contacts MediaC Street Advisory Grouplifescan@ Sign in to access your portfolio

Stellantis trying to save key supplier CLN
Stellantis trying to save key supplier CLN

Yahoo

time14-07-2025

  • Automotive
  • Yahoo

Stellantis trying to save key supplier CLN

Stellantis is taking steps to save one of its key suppliers according to a number of media reports. CLN-Coils Lamiere Nastri SpA (CLN) supplies a range of steel-based automotive components to Stellantis, but is experiencing a severe financial crisis amid mounting debt levels. The Italy-based supplier has manufacturing plants in a number of European countries, as well as in Latin America. The Bloomberg news agency reports that Stellantis is prepared to pay more (an addistional 3% on Italian contracts) than its contracted prices for CLN-supplied parts, in order to keep the company afloat. Stellantis is CLN's main customer, a legacy of its historical position as a supplier to Fiat in Italy. Earlier this year it was reported that Stellantis could purchase CLN plants in Italy (and possibly elsewhere) as part of a wider financial restructuring plan. Stellantis is reportedly anxious to reduce risk in its supply chain as it looks to step up production in Italy. "Stellantis trying to save key supplier CLN – reports" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Wildpack Provides Update on Outstanding Debenture Payments
Wildpack Provides Update on Outstanding Debenture Payments

Associated Press

time04-07-2025

  • Business
  • Associated Press

Wildpack Provides Update on Outstanding Debenture Payments

VANCOUVER, BC / ACCESS Newswire / July 3, 2025 / Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) ('Wildpack' or the 'Company') announced today that it was unable to pay the outstanding principal and interest on its 8% senior unsecured convertible debentures, which was due on June 30, 2025. To date, the Company has not secured an extension of its deadline for payment, nor has it received an official demand for payment from the trustee for the debentures. However, there can be no assurance that an extension will be obtained or that such a demand will not be made. The aggregate principal amount of debentures due for payment is C$20 million, plus accrued and unpaid interest of approximately C$2.4 million. The Company also has an additional C$20 million of principal, plus accrued and unpaid interest of approximately C$2.4 million in respect of a series of unsecured convertible debentures due November 23, 2025 and C$5.007 million of principal, plus accrued and unpaid interest of approximately C$600,840 in respect of a series of unsecured convertible debentures due March 31, 2026. As previously disclosed, the Company continues to be actively engaged in discussions with various stakeholders to restructure the Company's debt. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the Company's current debt structure and obtaining additional financing necessary to fund ongoing operations. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all. About Wildpack Wildpack provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, and logistics to customers throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of four facilities in Baltimore, Maryland; Grand Rapids, Michigan; Austin, Texas, and Las Vegas, Nevada. Wildpack commenced trading on the TSX Venture Exchange under the symbol 'CANS' on May 19, 2021. Forward-Looking Statements This news release may contain 'forward-looking statements' within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the ability of the Company extend the due date for its debentures or to restructure its debt and the associated transactions to be completed in connection therewith. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to risks related to the ability of the Company extend the due date for its debentures or to restructure its debt and the associated transactions to be completed in connection therewith. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe', or 'continue', or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise WILDPACK BEVERAGE INC. Per: 'Mitch Barnard' Mitch Barnard Chief Executive Officer and Director For further information, please contact us at: [email protected] Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. SOURCE: Wildpack Beverage Inc. press release

Mitel Announces New Board of Directors to Enhance Leadership and Accelerate Momentum in the UC Market
Mitel Announces New Board of Directors to Enhance Leadership and Accelerate Momentum in the UC Market

National Post

time01-07-2025

  • Business
  • National Post

Mitel Announces New Board of Directors to Enhance Leadership and Accelerate Momentum in the UC Market

Article content OTTAWA, Ontario — Mitel, a global leader in business communications, today announced its new Board of Directors, led by Tony Abate as Chair. Following the company's successful financial restructuring, the newly appointed board will provide strategic direction as Mitel implements its strategy to meet the rising demand for hybrid communications and drive long-term, sustainable growth. Article content Tony Abate – Chairman of GTT Communications and Tacora Resources; 35-year veteran in scaling infrastructure, software, and technology platforms Marc Lefar – Former CEO of Vonage and RentPath; CMO of Cingular Wireless (AT&T); Former Director of IPC Systems, cxLoyalty and ClassPass; track record of steering companies through strategic pivots, scaling businesses and advising leadership teams Marika Lulay – Current director at Aareal Bank, EnBW and FAZ GmbH; former CEO of GFT Technologies SE; recognized leader in enterprise digital transformation Mike Robinson – Former CEO of Sungard AS, Former CEO of Broadview Networks, Former CFO of US LEC, and Chairman of Everstream Solutions; proven leader of global infrastructure businesses, driving growth and large-scale transformations Carl Wiese – Former CRO of HP/Poly and President, Global Sales & Service of Blackberry; decades of global go-to-market leadership in unified communications Article content These seasoned industry veterans join directors Tarun Loomba, Mitel's President & CEO, and Peter Wollman, Portfolio Manager for Invesco's Global Private Credit Group. Article content 'As we step into Mitel's next phase, a board that pairs operational rigor with strategic vision is essential,' said Tarun Loomba, Mitel President & CEO. 'Tony, Marc, Marika, Mike, and Carl have each led companies through pivotal transformations. Their guidance and expertise will be invaluable as we optimize our portfolio, deepen channel partnerships, and deliver value for our customers in critical industries around the world.' Article content As part of the company's restructuring plan, the new board has been carefully recruited to provide specific subject matter expertise, strategic governance, and functional support to the management team as Mitel seeks to increase value for its customers, partners, employees, and stakeholders. Article content 'Unified communications sit at the heart of modern critical infrastructure,' added Tony Abate. 'Mitel's global installed base, channel strength, and enhanced balance sheet, combined with the significant market opportunity, position the company to capture increasing demand for secure, flexible, and AI-powered communications. I look forward to supporting the Mitel team as we focus on building durable, profitable growth.' Article content Founded in 1971, Mitel has spent over 50 years driving innovation and shaping the Unified Communications (UC) landscape. The board appointments come at a critical juncture for Mitel, a global leader in business communications that powers communication for 75+ million users across 100+ countries. This announcement follows a series of notable milestones, including Mitel's recent financial restructuring, Mitel's continued partnership with Zoom, Mitel's OpenScape Voice platform achieving JITC certification, the launch of Mitel Unified Communications Accelerator, powered by L-SPARK Select, and the general availability of Mitel's AI-powered customer experience (CX) management platform, Mitel CX. To learn more about Mitel, visit Article content Article content Article content Article content Article content Contacts Article content Media Contacts Article content Mitel Public Relations pr@ Article content

Crescent Energy (CRGY) Fell This Week. Here is Why.
Crescent Energy (CRGY) Fell This Week. Here is Why.

Yahoo

time27-06-2025

  • Business
  • Yahoo

Crescent Energy (CRGY) Fell This Week. Here is Why.

The share price of Crescent Energy Company (NYSE:CRGY) fell by 9.66% between June 18 and June 25, 2025, putting it among the Energy Stocks that Lost the Most This Week. View of an oil & gas exploratory platform, surrounded by a vast expanse of sea & sky. Crescent Energy Company (NYSE:CRGY) is a differentiated energy company with operations focused in Texas and the Rockies. The company also operates conventional assets in Wyoming, where it is active in carbon capture, use, and storage. Crescent Energy Company (NYSE:CRGY) took a hit after the company announced a strategic financial restructuring this week. Crescent Energy revealed that it plans to issue $600 million of 8.375% Senior Notes due 2034 in a private placement to eligible purchasers. The offering size was previously announced at $500 million, but the company later raised it by another $100 million. The move is aimed at optimizing debt and enhancing financial flexibility, with the proceeds going to fund a tender offer to purchase a portion of Crescent Energy Company (NYSE:CRGY)'s outstanding 9.250% Senior Notes due 2028. While we acknowledge the potential of CRGY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and 12 Best Natural Gas Stocks to Buy According to Analysts Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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