Rite Aid Rushes Sale of Unit Over Objection of Mystery Suitor
- Lawyer for “household name” says client wants to bid on chain
- Judge says all potential bidders have enough time to take part
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US pharmacy chain Rite Aid Corp. is moving quickly to sell its assets in bankruptcy, over the objection of at least one potential bidder, because the company faces looming financial deadlines, a company lawyer said during the chain’s first day under court supervision.
The lenders who are financing the company’s reorganization have imposed near-term deadlines as a condition for loaning Rite Aid money, Ross J. Fiedler told the judge overseeing the company’s Chapter 11 bankruptcy.