Major U.S. pharmacy chain Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits.
In 2022, Rite Aid settled for up to $30 million to resolve lawsuits alleging pharmacies contributed to an oversupply of prescription opioids. It said it had reached an agreement with its creditors on a financial restructuring plan to cut its debt and position itself for future growth and that the bankruptcy filing was part of that process.
The plan will “significantly reduce the company’s debt” while helping to “resolve litigation claims in an equitable manner,” Rite Aid said.
Rite Aid got caught knowingly filling illegal and suspicious opioid prescriptions, got slapped with a lawsuit, and now is restructuring.
They fueled the opioid crisis for profit, got caught, and now the courts are bailing them out of their debts
On the bright side they put my two local pharmacies out of business.
The debt resulting from opioids is pocket change—the settlements are only about $30 million. The new funding they’re getting is over 100x that much.
Were they forcing pharmacists to fill suspicious scripts? I’m not putting my license on the line for that shit
https://www.justice.gov/usao-ndoh/pr/united-states-files-complaint-alleging-rite-aid-dispensed-controlled-substances