Rite Aid to operate as private company as it emerges from Chapter 11 bankruptcy (updated)

Rite Aid

03/09/2024 17:16

(Adds details in paragraph 2-5)
       Sept 3 (Reuters) - U.S. drugstore chain Rite Aid said on
Tuesday it would operate as a private company as it successfully
completed its financial restructuring and emerged from Chapter
11 bankruptcy.
        Ownership of the company has transitioned to certain
Rite Aid creditors, and all of Rite Aid’s existing common shares
were cancelled, it said.
  
        Rite Aid also said its Chief Financial Officer Matt
Schroeder has been appointed CEO, succeeding Jeffrey Stein.
  
        The company said it has eliminated about $2 billion of
total debt and has received about $2.5 billion in exit financing
to support the business going forward.
  

 (Reporting by Sriparna Roy in Bengaluru; Editing by Janane
Venkatraman)
 ((Sriparna.Roy@thomsonreuters.com;))