Rite Aid’s proposed liquidation plan has drawn objections from landlords, insurers, and pension funds over its liability releases and ability to pay bankruptcy bills and other claims.
The fallen pharmacy chain also failed to show that its Chapter 11 plan is feasible, according to several objections filed on Wednesday with the US Bankruptcy Court for the District of New Jersey.
Rite Aid on May 5 filed its second Chapter 11 case within a year. It’s sold off most of its assets, including pharmacies at more than 800 stores, the “Thrifty Ice Cream” business, and its real estate portfolio.
The liquidation ...
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