-- Rite Aid Corp.’s legal team sought to reassure creditors that the bankrupt pharmacy chain will survive Chapter 11, saying the company is still working with banks and a key bondholder group on a rescue deal that has taken longer than expected to finalize.Nvidia Stock Surges as Sales Forecast Delivers on AI Hopes
Stein, who was appointed chief executive officer the day Rite Aid filed bankruptcy, is due to be paid $20 million when the pharmacy restructures, which committees representing opioid victims and other creditors have criticized. Terms for Rite Aid’s bankruptcy exit still need to be finalized, Yenamandra said, adding that there are also outstanding objections to the Chapter 11 plan that will either need to be settled by Rite Aid or adjudicated by Judge Michael Kaplan. Rite Aid is now targeting a confirmation hearing in the next 3 to 4 weeks, she said.Chris Hopkins, a lawyer representing a key bondholder group, said his clients and the company are “marching toward a deal,” though material issues remain.