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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 would cut $2 billion in debt and provide $47.5 million to junior creditors, including individuals and local governments who have sued the company for allegedly ignoring ...
U.S. Bankruptcy Judge Michael Kaplan approved Rite Aid's voting proposal at a court hearing in Trenton, New Jersey, saying that the bankruptcy case needed to move quickly to avoid further ...
The bankruptcy announcement triggered an immediate dispute with drug distributor McKesson, which provides 98% of the prescription medicines sold by Rite Aid.
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.
After filing for Chapter 11 bankruptcy protection, Rite Aid said it will receive $3.45 billion in new financing to help the company keep remaining stores open and employees paid while it undergoes ...
Rite Aid has already seen its share of stores close in recent years, with more locations expected to close in the coming months.
Rite Aid has filed for bankruptcy protection and plans to sell part of its business as it attempts to restructure while dealing with losses and opioid-related lawsuits. The company said Rite Aid ...