Tuesday, July 23, 2024, 1:05 AM
BREAKING NEWS
**First fuel trucks enter war-torn Gaza: Rafah crossing official **Six trucks with fuel to power generators at two hospitals crossed from Egypt **Hezbollah war with Israel would be 'mistake of its life': Netanyahu **We will strike it with a force it cannot even imagine: Netanyahu **Force ‘not way’ to resolve Israeli-Palestinian conflict : China **Iran journalists who covered Amini death get jail sentences **Elaheh Mohammadi, Niloufar Hamedi were both found guilty of collaboration with US **Elaheh and Niloufar were arrested after reporting on the death last year of Mahsa Amini
Home Business Top pharmacy chain files for bankruptcy

Top pharmacy chain files for bankruptcy

Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders

by NWMNewsDesk
0 comment

Rite Aid filed for Chapter 11 bankruptcy, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO.

Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity to support it through the bankruptcy process.

The Chapter 11 filing will also allow Rite Aid to resolve litigation claims in an “equitable manner”, the company said.

Apart from the opioid lawsuits, the pharmacy chain has been struggling with total debts of $8.60 billion as of June 3, according to a court filing with the U.S. Bankruptcy Court for the District of New Jersey, some of which is due to be repaid in 2025. Rite Aid also listed total assets of $7.65 billion.

banner

Rite Aid appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr. Stein has been appointed to the company’s board and Burr will also remain on the board, it said.

You may also like

In a recent breakthrough, researchers have found that the updated COVID-19 vaccine has demonstrated an impressive 95% efficacy rate against the emerging Delta variant, which has been causing widespread concern globally.

Blogs

Latest Articles

© 2023 News World Media. All Rights Reserved.