Paul, Weiss represented an ad hoc group of second lien noteholders in Rite Aid Corporation’s successful emergence from chapter 11 bankruptcy. Under the reorganization plan approved in June by the U.S. Bankruptcy Court for the District of New Jersey, Rite Aid, a full-service pharmacy company providing a broad range of services across 17 states, emerged as a stronger company with a rightsized store footprint and a more efficient operating model. Rite Aid has eliminated approximately $2 billion in debt, and has received roughly $2.5 billion in exit financing, while the company’s ownership transitioned to certain Rite Aid creditors.

The Paul, Weiss team included, among others, restructuring partners Andrew Rosenberg, Christopher Hopkins and Brian Hermann, and counsel Douglas Keeton, Sarah Harnett and Claudia Tobler; tax partners Robert Holo and Anne McGinnis, of counsel David Mayo, and counsel Patrick Karsnitz; corporate partners Sung Pak, Ted Ackerman, David Huntington, Robert Zochowski, Aaron Schlaphoff and Erika Detjen, and counsel Lyudmila Bondarenko and Arik Hirschfeld; litigation partners Randy Luskey, Gregory Laufer, John Carlin and William Clareman and counsel Peter Carey; antitrust partners Scott Sher and Marta Kelly; intellectual property partner Claudine Meredith-Goujon; real estate partner Peter Fisch; executive compensation partners Lawrence Witdorchic and Jean McLoughlin, and counsel Jake Glazeski; and environmental counsel William O'Brien.