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Kmart's confirmation hearing extended to Tuesday
By Carlise Newman
Chicago, April 14 - Kmart Corp's. confirmation hearing for approval of its reorganization plan will be extended to Tuesday, when it will begin again at 3.00 p.m. ET in the U.S. Bankruptcy Court for the Northern District of Illinois. The hearing began Monday at 11:00 a.m. ET.
In preparation for hearing, on Friday Kmart filed information supporting its plan, including a summary of the voting results. On a consolidated basis, all impaired classes voted in favor of the plan, and on a deconsolidated basis, all impaired classes of Kmart Corp. voted in favor of the plan.
However, certain impaired classes for some of the company's subsidiaries voted to reject the plan. Kmart said in a news release that it does not believe that these votes against the plan are material.
Based in Troy, Mich., Kmart Corp. is a nationwide mass merchandising company.
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