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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.
Kaplan had previously approved MedImpact's $575 million purchase of Elixir, and he ruled that the sale agreement transferred those debts to the buyer.
MedImpact’s attempt to recoup approximately $200 million following its purchase of Rite Aid Corp’s (OTC:RADCQ) pharmacy benefits unit has failed. U.S. Bankruptcy Judge Michael Kaplan ruled ...
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 ...
In 2023, Rite Aid filed for Chapter 11 bankruptcy amid several opioid lawsuits and declining sales. [4] Despite Read's shutting down 40 years prior to the filing, Read's was still listed in the bankruptcy filing.
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.
Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings.
Rite Aid, the third largest standalone pharmacy chain, filed for bankruptcy Sunday and will reportedly close roughly 400 to 500 of its approximately 2,200 stores. Rite Aid was undone by ...