US Coverage

Law360 Authority | Deep News & Analysis

Global Coverage

Law360 Pulse | The Business of Law

Mealeys

MLex

Judge Won't Freeze Rite Aid Ch. 11 Plan For Maryland Appeal

By Clara Geoghegan · August 29, 2024, 5:11 PM EDT

National pharmacy chain Rite Aid is set to exit Chapter 11 after a New Jersey bankruptcy judge Thursday found the state of Maryland missed the mark in its attempt to pause...

To view the full article, register now.
Try a seven day FREE Trial

Already a subscriber? Click here to login

Bankruptcy Scorecard

Summary

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

Capital Structure

Total Liabilities:

$4 billion

View Full Scorecard

Related Sections

Case Information

Case Title

Rite Aid Corporation

Case Number

3:23-bk-18993

Court

New Jersey

Nature of Suit

Date Filed

October 15, 2023

Recent Articles By Clara