Kirkland & Ellis offices in Washington, D.C. Photo: Diego M. Radzinschi/ALM Kirkland's $40 Million Haul from Rite Aid Bankruptcy Doubles Initial Compensation for Opioid Victims
Opioid claimants are set to receive $20 million upon the bankruptcy's conclusion, plus $27.5 million in deferred payments.
July 08, 2024 at 05:00 AM
3 minute read
Bankruptcy
What You Need to Know
- Kirkland's legal fees in the bankruptcy of Rite Aid topped $40 million by the end of April, court filings show.
- The embattled pharmacy chain is set to exit Chapter 11 with about $2 billion less debt as bondholders prepare to take over the company.
- Few recent bankruptcies have topped Rite Aid in the revenue they've generated for Kirkland.
After a contentious eight-month process that involved settlements with lenders, creditors and the U.S. Department of Justice, as well as more than 1,600 lawsuits suing the pharmacy for its role in the opioid crisis, Rite Aid is slated to exit Chapter 11 bankruptcy protection soon after a New Jersey bankruptcy judge approved the company's bankruptcy plan in late June.
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