Kmart's reorganization plan approved by court

Chicago, April 23 - Kmart Corp. said the U.S. Bankruptcy Court for the Northern District of Illinois confirmed the company's first amended joint plan of reorganization, and the company is set to emerge from bankruptcy on May 5.

Following a confirmation hearing that concluded Tuesday evening in Chicago, the court ruled that Kmart had met all of the necessary statutory requirements to confirm the plan. The company addressed and resolved most of the 188 objections filed by stakeholders, and the remaining objections were overruled by the bankruptcy court.

"We appreciate the strong support of our plan of reorganization by creditors, lenders and planned investors. They have been cooperative and constructive partners throughout Kmart's reorganization process. We are also grateful to our vendors, customers and associates for their continued support during this challenging time, and we greatly appreciate the time and attention Judge Sonderby and the bankruptcy court, clerks and staff have given to this case," said Kmart president and chief executive officer Julian Day in a news release.

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