Rite Aid Corp. is closer to emerging from bankruptcy after a U.S. bankruptcy judge approved its restructuring plan, according to published reports.
Rite Aid would cut debt by some $2 billion, and the company would be controlled by major creditors under the restructuring plan, preventing closure and liquidation of the retail pharmacy, according to reports. Rite Aid plans to exit from bankruptcy in about a month with $2.55 billion in financing provided by its lenders, according to reports.
Rite Aid, which filed for Chapter 11 bankruptcy in October of 2023, would exit bankruptcy in a month or so, according to reports. The company listed estimated assets and liabilities in the range of $1 billion to $10 billion in its Chapter 11 filing. The retailer, after closing hundreds of stores since the filing, would emerge from bankruptcy with nearly 1,300 stores, according to reports.
