US pharmacy chain Rite Aid Corp. filed for bankruptcy as it looks to restructure debts, and said it will shutter more stores.
As part of a court-supervised process, Rite Aid received a commitment for $3.45 billion in new financing from certain lenders, it said in a statement, without elaborating. It also said it clinched a restructuring deal with holders of its senior secured notes and also appointed Jeffrey S. Stein as chief executive officer, citing his expertise in turning around companies.
“This financing is expected to provide sufficient liquidity to support the company throughout this process,” it said in a statement.
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