Rite Aid to Raise $391 Million in Approved Elixir Loan Sale

Rite Aid Corp. won bankruptcy court approval to sell a loan supporting MedImpact Healthcare Systems Inc.’s purchase of the retail chain’s pharmacy benefit manager Elixir, a transaction the company said will raise $391 million to fund its turnaround plan.

• Judge Michael Kaplan on Thursday approved Rite Aid’s request to sell more than $434 million of the Elixir-related loan at 90 cents on the dollar
• Rite Aid has said in court papers that the sale will generate about $391 million for its bankruptcy estate
  • The cash generated in the sale will provide “crucial recoveries” for the company and its creditors ...