Rite Aid Files For Chapter 11 Bankruptcy
The post Rite Aid Files For Chapter 11 Bankruptcy appeared on BitcoinEthereumNews.com. Drug retail giant Rite Aid filed for Chapter 11 bankruptcy Sunday as it struggles with billions in debt and thousands of lawsuits over its alleged role in worsening the country’s opioid crisis. The company said it has secured $3.45 billion in financing from lenders to help support its operations as it undergoes a restructuring. Rite Aid said the Chapter 11 process will help the company “significantly reduce” its debt and “resolve litigation claims in an equitable manner.” The company also announced the appointment of a new CEO, Jeffrey S. Stein, who will replace the retailer’s interim chief Elizabeth Burr. Stein heads a financial advisory firm that provides consulting services for companies “experiencing significant challenges.” The company also said it has entered an agreement to sell Elixir, its pharmacy benefit unit—which helps negotiate drug prices—to MedImpact although the deal would have be approved by the bankruptcy judge. 80.5%. That is how much Rite Aid’s stock value has plummeted since the start of the year as the company has reported declining revenues and rising debt. Source: https://www.forbes.com/sites/siladityaray/2023/10/16/rite-aid-files-for-chapter-11-bankruptcy/
The post Rite Aid Files For Chapter 11 Bankruptcy appeared on BitcoinEthereumNews.com.
Drug retail giant Rite Aid filed for Chapter 11 bankruptcy Sunday as it struggles with billions in debt and thousands of lawsuits over its alleged role in worsening the country’s opioid crisis. The company said it has secured $3.45 billion in financing from lenders to help support its operations as it undergoes a restructuring. Rite Aid said the Chapter 11 process will help the company “significantly reduce” its debt and “resolve litigation claims in an equitable manner.” The company also announced the appointment of a new CEO, Jeffrey S. Stein, who will replace the retailer’s interim chief Elizabeth Burr. Stein heads a financial advisory firm that provides consulting services for companies “experiencing significant challenges.” The company also said it has entered an agreement to sell Elixir, its pharmacy benefit unit—which helps negotiate drug prices—to MedImpact although the deal would have be approved by the bankruptcy judge. 80.5%. That is how much Rite Aid’s stock value has plummeted since the start of the year as the company has reported declining revenues and rising debt. Source: https://www.forbes.com/sites/siladityaray/2023/10/16/rite-aid-files-for-chapter-11-bankruptcy/
What's Your Reaction?
