Rite Aid Says $575 Million Bid for Unit Faces ‘Financing Issues’

The leading bidder for a key unit of bankrupt US pharmacy chain Rite Aid Corp. has run into “financing issues” and will need help from the struggling retail chain to close a potential $575 million sale, a lawyer said in court Thursday.

The company has agreed to “self finance” the offer that MedImpact Healthcare Systems made for Rite Aid’s valuable pharmacy benefits manager, Rite Aid bankruptcy attorney Josh Sussberg said. The move is unusual for a corporate bankruptcy auction; bidders typically must prove they can afford to buy whatever is up for sale before being allowed to participate.

Rite Aid ...