--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-109236" form_type: "8-K" ticker: null cik: "0000084129" company_name: "RITE AID CORP" filed_at: "2023-10-16T23:59:59+00:00" generated_at: "2026-06-09T23:42:53.727326+00:00" event_type: "other" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Rite Aid files Chapter 11 bankruptcy; existing equity to be cancelled ## Summary - Filed for Chapter 11 protection in New Jersey on Oct. 15, 2023; continues as debtor-in-possession. - Secures $3.45B in DIP financing ($3.25B ABL facility + $200M term loan) subject to court approval. - Agrees to sell Elixir segment to MedImpact for $575M as stalking-horse bid, pending higher offers. - Restructuring term sheet with noteholders contemplates debt-for-equity; existing common equity receives no recovery. - Chapter 11 triggers defaults on ~$4.9B of notes and credit facilities; maturities accelerated. ## SEC filing metadata - accession: 0001104659-23-109236 - form_type: 8-K - cik: 0000084129 - company_name: RITE AID CORP - filed_at: 2023-10-16T23:59:59+00:00 - event_type: other - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.01, 1.03, 2.04, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/tm2328505d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-109236 - JSON: https://secwatch.observer/filing/0001104659-23-109236.json - Plain text: https://secwatch.observer/filing/0001104659-23-109236.txt ## Key facts - Debt Financings RITE AID CORP faced acceleration on credit facility with Bank of America, N.A.. - Instrument: credit facility - Counterparty: Bank of America, N.A. - Event: acceleration source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated obligations under the following debt instruments and agreements (the “ Debt Instruments ”): · Credit Agreement, dated as of December 20, 2018, among Rite Aid Corporation, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and collateral agent evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - Debt Financings RITE AID CORP faced acceleration on senior notes with Harris Trust and Savings Bank at 6.875%. - Instrument: senior notes - Counterparty: Harris Trust and Savings Bank - Rate: 6.875% - Event: acceleration source text: · Indenture, dated as of December 21, 1998, between Rite Aid Corporation, as issuer, and Harris Trust and Savings Bank, as trustee, related to the Company’s 6.875% Notes due 2028; evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - Debt Financings RITE AID CORP faced acceleration on senior notes with Morgan Guaranty Trust Company of New York at 7.70%. - Instrument: senior notes - Counterparty: Morgan Guaranty Trust Company of New York - Rate: 7.70% - Event: acceleration source text: · Indenture, dated as of August 1, 1993, between Rite Aid Corporation, as issuer, and Morgan Guaranty Trust Company of New York, as trustee, related to the Company’s 7.70% Notes due 2027; evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - Debt Financings RITE AID CORP faced acceleration on senior notes with The Bank of New York Mellon Trust Company, N.A. at 8.000%. - Instrument: senior notes - Counterparty: The Bank of New York Mellon Trust Company, N.A. - Rate: 8.000% - Event: acceleration source text: · Indenture, dated as of February 5, 2020, among Rite Aid Corporation, the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., related to the Company’s 7.500% Senior Secured Notes due 2025; evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - Debt Financings RITE AID CORP faced acceleration on senior notes with The Bank of New York Mellon Trust Company, N.A. at 8.000%. - Instrument: senior notes - Counterparty: The Bank of New York Mellon Trust Company, N.A. - Rate: 8.000% - Event: acceleration source text: · Indenture, dated as of July 27, 2020, among Rite Aid Corporation, the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., related to the Company’s 8.000% Senior Secured Notes due 2026; evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm - Distress & Bankruptcy RITE AID CORP entered chapter 11 in United States Bankruptcy Court for the District of New Jersey (petition 2023-10-15). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the District of New Jersey - Petition: 2023-10-15 source text: On October 15, 2023 (the “ Petition Date ”), Rite Aid Corporation (“ Rite Aid ” or the “ Company ”) and certain of its direct and indirect subsidiaries (together with the Company, the “ Debtors ”) filed voluntary petitions to commence proceedings under chapter 11 (the “ Chapter 11 Cases ”) of title 11 of the United States Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of New Jersey (the “ Bankruptcy Court ”). evidence_url: https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.