Rite Aid will operate as a private company after it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, the U.S. drugstore chain said. The pharmacy has used its bankruptcy to close hundreds of stores, sell its pharmacy benefit company Elixir, and negotiate settlements with its lenders, drug distribution partner McKesson (MCK.N), opens new tab and other creditors. Ownership of the company has transitioned to certain Rite Aid creditors, and all of Rite Aid’s existing common shares were canceled, it said.
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Source: https://www.reuters.com/business/healthcare-pharmaceuticals/rite-aid-operate-private-company-it-emerges-chapter-11-bankruptcy-2024-09-03/