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NEW YORK (Reuters) -A U.S. bankruptcy judge on Friday approved Rite Aid's restructuring plan, allowing the pharmacy chain to cut its debt by $2 billion and turn over control to a group of lenders.
Rite Aid's bankruptcy plan, revised on Thursday, would cut $2 billion in debt and provide $47.5 million to junior creditors, including individuals and local governments who have sued the company ...
Rite Aid is closing multiple locations after filing for bankruptcy last year. See the full list of Rite Aid store closures for 2024. ... Currently, the Rite Aid website states that there are a ...
Rite Aid has obtained more than $100 million in financing to exit the bankruptcy proceedings, but the latest closure announcements suggest it still faces hurdles in getting official approval to do so.
While it has secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy, Rite Aid said it would accelerate store closures and ...
On November 16, Rite Aid sued the United States Department of Justice in an effort to block an opioid lawsuit that accused the company of ignoring warnings and falsely filed thousands of prescriptions for addictive opioid medications. [75] On November 21, a bankruptcy judge ordered Rite Aid to fully reorganize its operations by March 1, 2024.
Rite Aid has $4 billion in debt, $8.6 billion in total liabilities and $7.65 billion in assets, according to court filings in the U.S. Bankruptcy Court for the District of New Jersey.
Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed more than 100 stores nationwide as part of its restructuring efforts.. The first tranche of stores to be ...