Rite Aid Undertakes Financial Restructuring and Sells Elixir Business

The latest update is out from Rite Aid (RADCQ).

In August 2023, amid a potential restructuring transaction under bankruptcy proceedings, a company entered into confidentiality agreements with key note holders, leading to private negotiations over its financial restructuring. This resulted in the company selling its Elixir business and using the proceeds to fulfill obligations to secured note holders and lenders in line with their restructuring agreement. The company has since publicly disclosed this information, as required by the terms of the confidentiality agreements. While the company faces various risks and uncertainties, the successful restructuring transaction and asset sale mark critical steps toward addressing its long-term capital structure and debt obligations.

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