Rite Aid Bankruptcy Judge Sets March 1 Deadline to Reorganize
- Retailer says it faces liquidation if restructuring case slows
- Lower-ranking creditors complain fast pace leaves them behind
This article is for subscribers only.
Bankrupt pharmacy chain Rite Aid Corp. has until March 1 to complete its turnaround under a timeline approved by a federal judge on Tuesday.
US Bankruptcy Judge Michael Kaplan scheduled a final hearing that day to decide the fate of the company’s reorganization proposal. The ruling comes after complaints that the case was moving so fast it threatened to harm lower-ranking creditors, including people who claim Rite Aid wrongly sold addictive pain killers.