Pharmacy chain Rite Aid (OTC:RADCQ) on Tuesday announced the completion of its financial restructuring process and emergence from Chapter 11 bankruptcy as a private company under a new leadership.

Burdened by billions of dollars in debt, including opioid-related liabilities, the drug retailer filed for bankruptcy protection in October and appointed Jeffrey Stein as CEO to lead the restructuring process.

“Emergence is a pivotal moment in Rite Aid’s history, enabling it to move forward as a significantly transformed, stronger, and more efficient company,” Stein said.

Rite Aid (OTC:RADCQ) has eliminated nearly $2B of debt and received $2.5B in exit financing as part of the restructuring. Rite Aid’s (OTC:RADCQ) creditors have taken over its ownership, and shares of its common stock have been canceled as the company begins to operate as a private firm.

Matt Schroeder, who most recently functioned as the company’s CFO, will become its new CEO, succeeding Stein.

“Thanks to the dedication of the entire organization, we are beginning our next phase as a transformed company,” Schroeder added.