CHICAGO, September 9, 2026 – Corvane Ryle LLP today announced that it advised Oriole Pharmacy Group, a regional retail pharmacy chain, on a comprehensive out-of-court restructuring of its debt. The agreement, reached with the company's senior lenders and a majority of its noteholders, reduces the company's funded debt, extends its maturities and provides new liquidity to support its stores and its prescription services business.

Oriole had faced pressure from declining reimbursement rates, rising labor costs and the closure of competing stores that shifted prescription volumes. The restructuring was completed without a filing under the US Bankruptcy Code, which allowed the company to keep all of its pharmacies open and to continue to serve patients and pay its suppliers and employees in the ordinary course.

The Corvane Ryle team was led by Naomi Feldspar, a restructuring partner in Chicago, who negotiated the transaction with the lender and noteholder groups. Marcus Delacroix-Hale, a restructuring associate in New York, led the analysis of the capital structure and the documentation of the amended facilities. Arjun Mehra-Collins, a tax partner in New York, advised on the tax consequences of the debt modification, and Grace Whitcombe, a partner in Chicago, advised on consumer protection and regulatory aspects affecting the business.

The team also included lawyers from the firm's Banking & Private Credit and Healthcare & Life Sciences groups, who advised on the credit documents and on pharmacy licensing and reimbursement matters.

"The company, its lenders and its noteholders all wanted a solution that kept the stores open and the pharmacists in place," said Naomi Feldspar. "Reaching that agreement outside of court was good for every stakeholder."

Corvane Ryle advises companies, creditors and investors in restructurings, with deep experience in retail and health care.

About Corvane Ryle LLP: Founded in Chicago in 1958, Corvane Ryle LLP has approximately 2,400 lawyers in 26 offices across 14 countries. The firm advises on transactions, regulatory matters and disputes for clients in technology, consumer, healthcare and energy transition. Counsel for what comes next.