Bankrupt pharmacy chain Rite Aid Corp. agreed to begin court-supervised mediation with lower ranking creditors, including groups that blame the company
Rite Aid Agrees to Mediation With Opioid Victims, Creditor Panel bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Pharmacy chain Rite Aid received court approval on Tuesday for a bankruptcy loan that would let the company borrow an additional $200 million, while agreeing to enter mediation with committees representing junior creditors and people who have accused the company of contributing to the U.S. opioid epidemic. Rite Aid's bankruptcy financing, which the company valued at $3.45 billion due to its refinancing of pre-existing debts, had been opposed by the U.S. government, Rite Aid's creditors committee, and a committee representing plaintiffs suing the company, including those with opioid-related claims. Those committees have argued that Rite Aid's lenders are the only group that stands to benefit from the company's restructuring, and that victims impacted by the opioid crisis currently stand to get next to nothing out of the bankruptcy.
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