AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHealthworld App Get Realtime updatesSave your favourite articles Scan to download AppBy Dietrich KnauthNew York: A U.S. bankruptcy judge on Friday approved Rite Aid 's restructuring plan, allowing the pharmacy chain to cut its debt by $2 billion and turn over control to a group of lenders.U.S. Bankruptcy Judge Michael Kaplan approved Rite Aid's bankruptcy plan at a court hearing in Trenton, New Jersey, saying that the restructuring had saved the company from having to shut down and liquidate operations.Before Kaplan's ruling, Rite Aid attorney Aparna Yenamandra told the judge that 28,000 jobs could be lost if the restructuring deal was not approved. The settlement payments, though modest, are a victory for opioid claimants because of Rite Aid's high debt and dire financial troubles, Preis said. "Rite Aid reached settlements with 16 of the 17 states where it operates, which resolved those states' opioid claims.

Source: Economic Times June 29, 2024 13:37 UTC