Rite Aid to operate as private company as it emerges from Chapter 11 bankruptcy

(Reuters) – U.S. drugstore chain Rite Aid (NYSE:) said on Tuesday it would operate as a private company as it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy.

Ownership of the company has transitioned to certain Rite Aid creditors, and all of Rite Aid’s existing common shares were cancelled, it said.

Rite Aid also said its Chief Financial Officer Matt Schroeder has been appointed CEO, succeeding Jeffrey Stein.

The company said it has eliminated about $2 billion of total debt and has received about $2.5 billion in exit financing to support the business going forward.