Rite Aid Says Higher Losses Expected In Late Financial Report

By Rick Archer · October 13, 2023, 4:45 PM EDT

Drugstore chain Rite Aid Corp. has told the U.S. Securities and Exchange Commission that it will be filing its second-quarter financial report late due to a search for "strategic alternatives," but...

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Bankruptcy Scorecard

Summary

Bankrupt drugstore chain Rite Aid filed for Chapter 11 Oct. 15 with plans to close more retail locations, sell its pharmacy benefits manager business and shed some of its $4 billion of total funded debt. A New Jersey bankruptcy judge in June agreed to approve its Chapter 11 plan to pay $2.6 billion in term and asset-based loans in cash, exchange $1.2 billion in senior notes for equity and set up a recovery fund for some 1,600 opioid claims that includes $43 million in cash and 10% equity in the reorganized company.

Case Number

3:23-bk-18993

Judge

Michael B. Kaplan

Venue

U.S. Bankruptcy Court for the District of New Jersey

Capital Structure

Total Liabilities:

$4 billion

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