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Investing.com -- Rite Aid Corp (NYSE:US90274J5618=UBSS)., the drug-store chain, is in negotiations with its asset-backed loan providers to gain full access to its loan facility, according to Bloomberg News. The move is part of the company’s effort to implement its turnaround plan, according to sources familiar with the matter.
Rite Aid is seeking additional cash to restock its inventory. The company is in discussions with lenders to remove restrictions that currently prevent it from utilizing all resources available under the loan facility. These sources requested anonymity due to the private nature of the information.
Rite Aid emerged from bankruptcy in September, having shut down more than 500 stores, reduced its debt by approximately $2 billion, and addressed lawsuits related to its involvement in the opioid crisis. Following bankruptcy, control of Rite Aid was transferred to creditors.
The company secured access to roughly $2.5 billion in exit financing to support its ongoing operations post-bankruptcy.
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