Rite Aid files Chapter 11
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 16 October 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Monday, October 16. I'm Julie Oregon. |
| 0:11.0 | Rite Aid is bankrupt. |
| 0:13.0 | Albemarle withdraws his offer for Liantown Resources, and Sony is in talks to buy Disney's |
| 0:19.2 | Business in India. |
| 0:21.7 | Rite Aid has filed for Chapter 11 bankruptcy protection. |
| 0:25.5 | The drugstore chain released a statement on Sunday night noting that it had filed for bankruptcy |
| 0:30.4 | in New Jersey. |
| 0:31.7 | In connection with this process, Rite Aid has received a commitment for $3.45 billion in new financing. |
| 0:38.0 | According to a Bloomberg report, the Philadelphia-based company listed both assets and liabilities in the range of $1 to $10 billion in the Chapter 11 petition. |
| 0:48.0 | Riorg first reported in July that Rite Aid was considering a Chapter 11 filing to address liabilities related to its opioid exposure. In a separate press release on Sunday, Rite Aid announced the appointment of Jeffrey Stein as chief executive officer, chief restructuring |
| 1:05.2 | officer, and a member of the company's board effective immediately. Stein succeeds Elizabeth |
| 1:11.1 | Burr who has served as interim CEO since January. |
| 1:14.8 | Burr will continue in her role as director on the company's board. |
| 1:19.0 | With Rite Aid's bankruptcy filing, it joins Drugmakers Malincrot, Endo, and Purdue Pharma which declared bankruptcy due to opioid litigation. |
| 1:28.0 | Rite Aid has a short interest of 33.5%. |
| 1:32.0 | Alba Marl has withdrawn its non-binding. 33.5%. |
| 1:33.0 | Albemarle has withdrawn its non-binding offer for Australian lithium miner Liontown resources. |
| 1:39.6 | ALB noted growing complexities with a proposed transaction as a factor in its decision. |
| 1:45.8 | The decision to abandon the Liontown offer comes after the Lithium Miner on September 11th |
| 1:51.0 | granted ALB four weeks to look over its books following a fresh |
| 1:55.2 | takeover proposal valuing it at 4.2 billion dollars. Last week Liantown |
... |
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