Reported 5 months ago
Rite Aid Corp. is assuring creditors that it will survive Chapter 11 bankruptcy, stating that they are working on a rescue deal with banks and bondholders. The company’s legal team mentioned delays in finalizing the deal, including issues with CEO compensation and objections to the restructuring plan. Despite ongoing challenges, Rite Aid aims to have a confirmation hearing in the next 3 to 4 weeks to solidify the terms for exiting bankruptcy.
Source: YAHOO