Drug supplier receives $3.45 billion in commitment in new financing.
As part of a financial restructuring agreement with its senior secured noteholders, Rite Aid announced that it has filed for Chapter 11 bankruptcy. Reportedly, the plan will enable the company to speed up its ongoing business transformation by reducing debt, increasing financial flexibility, and enabling the execution of key initiatives.
Rite Aid credits the court-supervised process with providing the ability to:
“Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company,” said Jeffrey S. Stein, Rite Aid’s new CEO, in a company press release. “With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on – now and into the future.”
Reference: Rite Aid Takes Steps to Accelerate Transformation and Position Company for Long-Term Success. Rite Aid. October 15, 2023. Accessed October 16, 2023. https://news.riteaid.com/press-releases/press-release-details/2023/Rite-Aid-Takes-Steps-to-Accelerate-Transformation-and-Position-Company-for-Long-Term-Success/default.aspx
Transforming Cancer Care: Data, AI, and Patient-Centered Care
July 20th 2023Join us as Mohit Manrao, SVP and head of US oncology at AstraZeneca, shares his patient-centered approach to transforming cancer care, bridging the gap between innovative science and tangible patient outcomes across all populations on a global scale.
Trends in Continuing Medical Education
April 12th 2024Elliott Yoo, Senior Media Strategist at epocrates, takes a closer look at the trends in CME consumption and what the future of medical education will be – from the priorities for physicians as they juggle learning with patient care, to what type of activities resonate most with prescribers.
Beyond the Scrubs: Understanding Healthcare Providers as People for Increased Engagement
March 28th 2024The benefits of adopting a humanized approach to healthcare provider marketing extend across the healthcare spectrum, enhancing engagement rates, brand loyalty, and marketing ROI, while also driving better outcomes for patients.