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Bond Market News
Rite Aid Given March 1 Deadline by Bankruptcy Court
November 23, 2023
Rite Aid has been given a deadline of March 1 by the Bankruptcy Court to reorganize its business. The ruling comes after complaints about the case moving too fast, from the lower-ranking creditors. They argued that they needed more time to review the $3.45bn loan package for Rite Aid’s reorganization. However, the company felt that if the restructuring case slows, it will likely face liquidation. During the court hearing on Tuesday, the company said that it was hoping to attract multiple offers for the entire company. Earlier in October, the company had filed for bankruptcy due to rising lawsuits over its alleged role in selling the addictive opioid medications.
Its 8% 2026 bonds were trading at 77.25 cents on the dollar.
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