Rite Aid Ch. 11 Timeline Extended To Allow More Plan Review
By Hilary Russ · May 30, 2024, 8:03 PM EDT
A New Jersey judge on Thursday lengthened the timeline for Rite Aid to seek an exit from its Chapter 11 bankruptcy, pushing the confirmation hearing date out by seven days after...
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