US pharmacy chain Rite Aid files for bankruptcy amid opioid suits

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New funding of US$3.45 billion was reportedly secured to bolster liquidity to help with debt restructuring.

Rite Aid faces lawsuits for dispensing opiates oxycodone and fentanyl prescriptions, painkillers connected to fatal overdoses in the US.

The Philadelphia-based group said it had already reached agreements with several major creditors to restructure its debt, according to a press release. Rite Aid is paying the price for a string of failed mergers and acquisitions, as well as the consequences of the opiate crisis.

 

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