Rite Aid completes restructuring process, emerges from Chapter 11

Rite Aid Corporation announced that it has successfully completed its financial restructuring and emerged from Chapter 11. “Emergence is a pivotal moment in Rite Aid’s history, enabling it to move forward as a significantly transformed, stronger and more efficient company,” said Jeffrey S. Stein, CEO and Chief Restructuring Officer. “We are grateful for the ongoing support of our customers, associates and partners, and we look forward to continuing to provide leading pharmacy services designed to improve health and wellness outcomes across the communities we serve. I am excited about Rite Aid’s future as it continues to focus on executing its strategy and delivering for its customers and stakeholders.” Through this process, Rite Aid has eliminated approximately $2B of total debt. Additionally, the company has received approximately $2.5B in exit financing to support the business going forward. In connection with emergence, Rite Aid will operate as a private company. Ownership of the Company transitioned to certain Rite Aid creditors, and all of Rite Aid’s existing common shares were cancelled, pursuant to the Plan of Reorganization.