Source: mint
“Drug store chain Rite Aid Corp. put off a key court hearing in order to complete a deal that would cut $2 billion in debt, resolve lawsuits related to opioid prescriptions and end the company’s six-month-old bankruptcy. The company needs more time to put a series of agreements into writing, company bankruptcy attorney Aparna Yenamandra said during a brief court hearing Thursday. Rite Aid had been scheduled to ask a federal judge next week to approve its reorganization plan, which is built on a series of deals the company is now trying to complete. US Bankruptcy Judge Michael B. Kaplan instead will schedule a status conference on the company’s progress. No new date for a hearing on the reorganization plan was set.” (04/18/24)