Kmart emerges from Chapter 11
This article was originally published in The Rose Sheet
Executive Summary
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...
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