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Kmart Reorganization Effort Backed With $2 Bil. Loan

This article was originally published in The Rose Sheet

Executive Summary

Kmart will finance a "fast-track" reorganization effort under Chapter 11 bankruptcy protection with a $2 bil. financing facility, the Troy, Mich. retailer announced Jan. 22

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Kmart emerges from Chapter 11

Retailer concludes fast-track reorganization after completing all required actions and satisfying remaining conditions to its first amended plan of reorganization, Kmart announces in a May 6 1release. Kmart also closed on its new $2 bil. exit financing facility, which will help the retailer meet its ongoing working capital needs, firm states. Financing facility replaces debtor-in-possession facility provided by lenders to fund restructuring (2"The Rose Sheet" Jan. 28, 2002, p. 7). As part of new reorganization initiative, retailer has appointed James Gooch as VP and treasurer and has become an indirect subsidiary of newly-formed firm Kmart Holding Corporation. New shares of common stock initially will be publicly traded on the OTC market until the company is able to satisfy the listing criteria for NASDAQ...

Kmart emerges from Chapter 11

Retailer concludes fast-track reorganization after completing all required actions and satisfying remaining conditions to its first amended plan of reorganization, Kmart announces in a May 6 1release. Kmart also closed on its new $2 bil. exit financing facility, which will help the retailer meet its ongoing working capital needs, firm states. Financing facility replaces debtor-in-possession facility provided by lenders to fund restructuring (2"The Rose Sheet" Jan. 28, 2002, p. 7). As part of new reorganization initiative, retailer has appointed James Gooch as VP and treasurer and has become an indirect subsidiary of newly-formed firm Kmart Holding Corporation. New shares of common stock initially will be publicly traded on the OTC market until the company is able to satisfy the listing criteria for NASDAQ...

Kmart appoints CEO

Chairman James Adamson is appointed CEO March 11 to lead retailer's turnaround effort, Kmart says. Exec, who was appointed chairman of the board of directors in January, succeeds Charles Conaway, who resigned. Adamson, who has served on Kmart's board since 1996, led a financial restructuring of Advantica Restaurant Group in 1997 as chairman, president and CEO. In addition, former Sears Exec VP and Chief Operating Officer Julian Day has been named president and chief operating officer. Albert Kock, chairman of turnaround management firm Jay Alix & Associates has been appointed chief operating officer. Management team will lead effort to reorganize Kmart following retailer's Chapter 11 filing in January (1"The Rose Sheet" Jan. 28, 2002, p. 7)...

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