The chapter 11 filing would cover Rite Aid's more than $3.3 billion debt load and pending legal allegations that it oversupplied prescription painkillers, the people said. Philadelphia-based Rite Aid hasn't agreed on a settlement with federal, state government and private opioid plaintiffs to resolve those opioid liabilities in a potential chapter 11 and is currently planning to treat them as general unsecured claims, they said.
A representative for Rite Aid didn't respond to a request for comment. Its restructuring counsel at law firm Kirkland & Ellis also didn't respond.
You will get a penny, contrary to the old line, but that's all you'll get, and only as part of a structured settlement.