Reported about 1 month ago
Rite Aid has successfully completed its financial restructuring and will now operate as a private company after emerging from Chapter 11 bankruptcy. The drugstore chain, having canceled all its common shares and transitioned ownership to certain creditors, has eliminated approximately $2 billion in debt and secured $2.5 billion in exit financing. Its restructuring allowed it to close hundreds of stores and sell its pharmacy benefit company, Elixir, in a bid to stabilize its operations following significant losses and numerous lawsuits.
Source: YAHOO