Bankrupt Rite Aid's New Directors To Earn $50K Per Month
By Alex Wittenberg · October 19, 2023, 8:13 PM EDT
Rite Aid Corp. will pay two new directors $50,000 per month to sit on the board of the bankrupt drugstore chain after awarding them $200,000 each for roughly three months of...
Bankrupt drugstore chain Rite Aid filed for Chapter 11 Oct. 15 with plans to close more retail locations, sell its pharmacy benefits manager business and shed some of its $4 billion of total funded debt. A New Jersey bankruptcy judge in June agreed to approve its Chapter 11 plan to pay $2.6 billion in term and asset-based loans in cash, exchange $1.2 billion in senior notes for equity and set up a recovery fund for some 1,600 opioid claims that includes $43 million in cash and 10% equity in the reorganized company.
Case Number
3:23-bk-18993
Judge
Michael B. Kaplan
Venue
U.S. Bankruptcy Court for the District of New Jersey