Rite Aid Bondholders Offer Pharmacy Fresh Cash in Restructuring

Rite Aid Corp. bondholders have agreed to provide $57 million to the retailer as part of a broader restructuring that would see bondholders take over the pharmacy chain, according to court papers and lawyers.

• Senior secured bondholders, owed more than $1.2 billion, would receive take-back debt and 90% of Rite Aid’s stock upon the company’s emergence from Chapter 11 protection, according to court documents filed Thursday in US Bankruptcy Court in New Jersey
  • Lenders funding Rite Aid’s Chapter 11 case have also agreed to provide the company exit financing while existing equity will be canceled upon leaving bankruptcy, court papers ...