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Bond Market News
Rite Aid Seeks to Emerge from Chapter 11 to Cut $2bn Debt
June 28, 2024
US pharmacy chain Rite Aid is awaiting approval from a bankruptcy court to approve its restructuring plan. The company has sought to cut $2bn in debt and handover ownership of the company to a group of its lenders, that includes investment funds Brigade Capital and HG Vora. Using the bankruptcy route, the company closed hundreds of stores and negotiated settlements with lenders and creditors. The restructuring would provide $47.5mn to junior creditors that include individuals and local governments who have sued them over opioid sales. Rite Aid filed for Chapter 11 in late-2023, after losses of $750mn in the fiscal year preceding it.
Rite Aid’s 8% 2026s are currently trading at distressed levels of 41.5 cents on the dollar.
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