- Restructuring deal hands control of Rite Aid to creditors
- Pharacy chain closed a quarter of its locations in bankruptcy
Rite Aid Corp. has been cleared to exit bankruptcy after winning court approval on a restructuring plan that’s poised to save the ailing pharmacy chain from liquidation by handing control of the business to key creditors.
Judge Michael Kaplan said Friday he’d approve a restructuring deal that cuts about $2 billion in debt and gives the pharmacy access to about $2.5 billion in exit financing to fund a turnaround plan its advisers have dubbed “Rite Aid 2.0.”
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