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Rite Aid Files for Chapter 11 Bankruptcy; Downgraded to D by S&P; Dollar Bonds Drop

October 17, 2023

Distressed/Defaulted Bonds

Rite Aid, one of the largest pharmacy retailers in the US, has filed for bankruptcy due to rising lawsuits over its alleged role in selling the addictive opioid medications. The company plans to close its unprofitable stores, and sell the pharmacy benefit business (Elixir) along with resolving the lawsuits. The company will remain open during the bankruptcy process and has reached a deal with lenders for $3.45bn in financing to fund its restructuring. According to the court filings, the company has also reached a deal of $575mn plus cash with MedImpact for Elixir. Rite Aid has been reeling from high debt, revenue declines and mounting opioid litigations from local and state governments, hospitals and individuals.

Rite Aid’s bonds dropped with its 8% 2026 bond trading lower at 63.9 cents on the dollar.

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