secwatch.observer — SEC 8-K summary
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Issuer:     RITE AID CORP (—)
CIK:        0000084129
Form:       8-K
Filed at:   2023-10-16T23:59:59+00:00
Accession:  0001104659-23-109236
Event type: other
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Rite Aid files Chapter 11 bankruptcy; existing equity to be cancelled
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/0001104659-23-109236-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/84129/000110465923109236/tm2328505d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-109236

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