Kmart Creditors Vote in Favor of Reorganization Plan
TROY, Mich. - Kmart Corp. on Monday said the majority of its creditors voted in favor of the company's reorganization plan.
The mass merchandising company said the confirmation hearing to seek approval of the plan is scheduled to begin at 10 a.m. EDT Monday in the Bankruptcy Court for the Northern District of Illinois.
Kmart said some of its subsidiaries voted to reject the plan, but the company doesn't believe the dissenting votes are "material."
Kmart expects to emerge from bankruptcy court protection by the end of April. By then, it will have pared down its operations to about 1,500 stores from the 2, 100 it had when it filed for Chapter 11 protection in January 2002.
The mass merchandising company said the confirmation hearing to seek approval of the plan is scheduled to begin at 10 a.m. EDT Monday in the Bankruptcy Court for the Northern District of Illinois.
Kmart said some of its subsidiaries voted to reject the plan, but the company doesn't believe the dissenting votes are "material."
Kmart expects to emerge from bankruptcy court protection by the end of April. By then, it will have pared down its operations to about 1,500 stores from the 2, 100 it had when it filed for Chapter 11 protection in January 2002.