Kmart in court

By Staff -- Home Textiles Today, 4/15/2003 2:42:00 PM

Chicago — Kmart was back in bankruptcy court this morning as the confirmation hearing on its reorganization plan continued into a second day. The company is hoping to emerge from bankruptcy by April 30.

The court is hearing and considering a number of objections to the plan, including one from a factoring company concerning earlier payments. Kmart earlier reported some creditors had objected to the plan but portrayed them as nearly inconsequential. Kmart said most of its creditors and creditor classes approved of the plan.