NEW YORK — Pharmacy chain Rite Aid is close to reaching a deal on a post-bankruptcy financing package, with a group of lenders preparing to provide interim financing while the company remains in Chapter 11, attorneys reported on Friday.
Rite Aid received court approval in late March to begin voting on a bankruptcy plan that would eliminate $2 billion in debt and hand over the company’s equity to a group of lenders including investment funds Brigade Capital and HG Vora. But Rite Aid has struggled to finalize some of the deal’s details, delaying its planned exit from bankruptcy by over a month.
Rite Aid is now close to a final deal with its lenders and expects to seek court approval of its bankruptcy restructuring in late June, Rite Aid attorney Aparna Yenamandra said at a Friday hearing in bankruptcy court in Trenton, New Jersey.
