secwatch.observer — SEC 8-K summary
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Issuer:     RITE AID CORP (—)
CIK:        0000084129
Form:       8-K/A
Filed at:   2023-10-16T23:59:59+00:00
Accession:  0001104659-23-109413
Event type: other_material
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; secures $3.45B DIP financing; plans debt-for-equity restructuring
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- Rite Aid and certain subsidiaries filed Chapter 11 on Oct 15, 2023; will continue operations as debtors-in-possession under Bankruptcy Court.
- Reached restructuring agreement with senior secured noteholders: debt-for-equity swap; existing equity interests to be canceled.
- Secured $3.45B DIP financing ($3.25B ABL + $200M term loan) with interest rates at SOFR+3.25% (ABL) and SOFR+7.50% (term loan); matures 12 months from closing.
- Signed stalking horse APA to sell Elixir assets to MedImpact for $575M; auction process if higher bids received by Nov 16, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/84129/000110465923109413/0001104659-23-109413-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/84129/000110465923109413/tm2328535d1_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-109413

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