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Rite Aid files for bankruptcy, announces financial restructuring plans amid opioid complaints, lawsuits_我的网站

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一 | One of the nation's largest drugstore chains has voluntarily initiated the Chapter 11 process for bankruptcy protection.Rite Aid announced Sunday that the company had reached an agreement with creditors on the terms of its financial restructuring plan that will "increase its financial flexibility" and "significantly reduce" its existing debt.In addition to billions in debt and slumping sales, Rite Aid has faced over 1,000 federal, state and local lawsuits that claim its pharmacies allegedly filled thousands of illegal prescriptions for painkillers, according to the New York Times. In March, the Justice Department filed a complaint against the company, claiming it filled "unlawful prescriptions for controlled substances" that allegedly had obvious and often multiple red flags, indicating misuse. The company has denied those claims.In its press release Sunday, the company stated it will "resolve litigation claims in an equitable manner."Rite Aid did not immediately respond to ABC News' request for additional comment.Rite Aid says it employs more than 6,100 pharmacists and operates over 2,100 retail pharmacy locations across 17 states.The company said Sunday it had secured a commitment for $3.45 billion in new financing and debt reduction agreements under the court-supervised process which is "expected to provide sufficient liquidity to support the Company throughout this process," adding that it would also close some underperforming store locations and sell off some assets in order to "reduce the Company’s rent expense" and "strengthen its overall financial performance.""The Company is making every effort to ensure customers of impacted stores have access to health services, whether at another Rite Aid or a nearby pharmacy, and will work to transfer prescriptions accordingly so that there is no disruption of services," the company stated. Rite Aid "will also transfer associates at impacted stores to other Rite Aid locations where possible."Rite Aid also announced Jeffrey S. Stein will officially take over for Elizabeth Burr as chief executive officer. He will also serve as chief restructuring officer and a member of the company's board of directors. Burr is expected to "continue in her role as a Director on the Company’s Board," Rite Aid said."Rite Aid has served customers and communities across our country for more than 60 years, and the important actions we are taking today will enable us to move ahead as a stronger company," Stein said in a statement. "With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy. In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on now and into the future."。 Dozens of businesses, government offices, vehicles, and at least three police stations went up in flames in Freetown, Makeni, Kamakwie, and other cities across Sierra Leone from August 10 through 12, with over 113 people arrested and police introducing an emergency nationwide curfew and deploying tear gas and live ammunition to disperse crowds.,The curfew was lifted on August 13, with banks, businesses, government offices, and most stores reopened and communal services beginning to clear the damage. However, ramped-up security measures, including federal troop deployments to assist police, have been left in place.,What Happened?,Sierra Leone is one of the poorest nations in the world, ranking 186 out of 198 in a recent GDP purchasing power parity ranking. An estimated 80 percent of the population lives in poverty, many of them in the country’s rural areas. Like other nations in Africa, the country has faced special difficulties amid the global economic calamity brought on by COVID, and exacerbated by Western restrictions on Russian exports of agricultural goods and fertilizers amid the security crisis in Ukraine, which has caused a major jump in food prices.,AfricaAnti-Russia Sanctions Left Africa Without Access to Grain and Fertilisers, African Union Chief Says3 June, 11:13 GMT,As a net importer of both energy and food, Sierra Leone is especially vulnerable to global economic conditions, and along with food and fertilizers, fuel and electricity costs have also soared. Food prices alone have jumped by over 40 percent over the past few months, with a bag of rice once costing 350 leones now going for over 500. The country’s Central Bank recently removed three zeros from the national currency in a bid to restore confidence. The country has also been overcome by weeks of strikes by government workers, including doctors and teachers, and by small traders protesting poor conditions.,Coup Plot?,However, President Julius Maada Bio has also accused protesters of having ulterior motives beyond the cost of living crisis.,“This was not a protest against the high cost of living occasioned by the ongoing global economic crisis. The chant of the insurrectionists was for a violent overthrow of the democratically-elected government,” Bio said in an address on August 12 after returning to the country from a holiday in London.,Local media pointed to the chants of “Bio must go” among protesters as they gathered in the capital, and the president accused some of the demonstrators of consisting of “APC Warriors,” a reference to the opposition All People’s Congress party, which governed the country from 2007 until 2018, when Bio’s Sierra Leone People’s Party won national elections.,No doubt mindful of the violent civil war which shook the country between 1991 and 2002, claiming as many as 70,000 lives and displacing over 2.5 million people, Bio vowed that “in the coming weeks and months, [the] government will undertake necessary security actions meant to guarantee the peace and security of all citizens.”,“The security forces will, and must, act with great restraint and within their professional codes of service. But be assured that my government will crack down hard on violent insurrectionists, their collaborators, their sponsors and their supporters. My government will relentlessly fight those who would rather use terror and gruesome violence to achieve political goals,” the president said.,As a government, we will continue our engagement with Civil Society as we strive to promote sustainable peace, national cohesion and socio-economic development in Sierra Leone. #newdirectionagenda— President Julius Maada Bio (@PresidentBio) August 18, 2022,Bio did not elaborate on who these “sponsors” and “supporters” were, or whether they included any foreign actors.,Geopolitical Context,Like other African nations, Sierra Leone recently rejected calls by Washington and Brussels to show solidarity with the West and Ukraine and impose sanctions on Russia. But even before the escalation of the Ukraine crisis, relations between Freetown and Washington were tense at times. Last year, US President Joe Biden snubbed Bio by refusing to invite the African leader to the US’ so-called “Democracy Summit.” No reasons were given. However, neighboring Liberia, which faced mass civil unrest of its own between 2019 and 2020, and whose officials have been sanctioned by the US over suspected corruption, did get an invite.,While Sierra Leone maintains economic and political ties with its former British colonial masters, and remains a member of the Commonwealth of Nations, Freetown has sought to expand its partnerships with other geopolitical power centers, including Russia and China. President Bio attended the Russia-Africa Summit in Sochi in 2019, where he discussed ways to strengthen economic cooperation between the distant nations. In February 2021, Freetown signed onto Moscow’s efforts to prevent the deployment of weapons in outer space. In May 2021, Bio spoke by phone to President Xi Jinping of China, where they discussed the friendly, “brotherly” relations between the two nations, as well Chinese assistance to Freetown in measures against COVID, and agricultural and economic development.,In this context, the reactions of major foreign powers to this month’s unrest have been telling. While the United States, Britain, and the European Union collectively expressed “grave concern” over the “disturbing reports of violence” and urged the parties to “stay calm, promote accountability and ensure respect for human rights,” China’s Embassy smoothed over the protests altogether, refraining from wagging its finger at Freetown and instead trumpeting the expanding cooperation between the two countries.,We are gravely concerned by reports of violence surrounding today’s demonstrations in Sierra Leone. We urge all parties to stay calm, promote accountability, and ensure respect for human rights and fundamental freedoms.— Bureau of African Affairs (@AsstSecStateAF) August 10, 2022,Similarly, while UK High Commissioner to Sierra Leone Lisa Chesney lectured President Bio about how “violence has no place in a democracy and the necessary investigation into August 10 can sit alongside de-escalation,” the Russian Embassy in the Republic of Guinea, which concurrently serves as the Embassy in Sierra Leone, only presented a bare bones report on the situation in the country, Bio’s meetings with community and tribal leaders, and indicated that an internal “debriefing” was being created “regarding the causes, course and consequences of the riots on August 10.”。