US pharmacy chain Rite Aid Corp. filed for bankruptcy as it looks to restructure debts, and said it will shutter more stores.
As part of a court-supervised process, Rite Aid received a commitment for $3.45 billion in new financing from certain lenders, it said in a statement, without elaborating. It also said it clinched a restructuring deal with holders of its senior secured notes and also appointed Jeffrey S. Stein as chief executive officer, citing his expertise in turning around companies.
The Philadelphia, Pennsylvania-based chain has been laboring under more than $3 billion of long-term borrowings. The situation worsened after the US government claim it filled unlawful prescriptions for opioid painkillers.S&P Global Ratings cut the retailer further into junk in August, citing a large debt load maturing from 2025 and “potentially significant” claims from opioid lawsuits.
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