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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 ...
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.
(Reuters) -Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said on Tuesday.
Rite Aid is working to finalize the settlement and will submit it to the court for approval, Sussberg told U.S. Bankruptcy Judge Michael Kaplan, who is overseeing the case.
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 ...
Rite Aid's bankruptcy filing wasn't a surprise, because the 60-year-old chain has been in dire financial shape for a long time. ... CVS and Walgreens have paid similar settlements, but it was much ...
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.