JHVEPhoto
Rite Aid (OTC:RADCQ) reportedly has until March 1 to complete its reorganization, a US bankruptcy court judge has ruled.
The pharmacy chain had sought to have the hearing in February, arguing that the longer it remained in bankruptcy, the greater its chances of liquidating rather than finding a buyer. Two auctions have been slated for December, according to Bloomberg.
Bloomberg added that some unsecured creditors and a group representing opioid victims have claimed the proceedings were moving too fast and didn’t give them sufficient time to review the $3.45B loan package that the company said it requires to reorganize.
Rite Aid filed for Chapter 11 bankruptcy protection in October.