On Track

Kmart Corp. (Troy, Mich.) announced that the U.S. Bankruptcy Court for the Northern District of Illinois has approved the disclosure statement filed in connection with the company's plan of reorganization.

The court also authorized Kmart to begin soliciting approval from its creditors. With this action, the retailer said it remains on schedule to complete its “fast-track” reorganization and emerge from Chapter 11 protection on or about April 30, 2003.

“Our momentum continues to build as we move ever closer to concluding our reorganization and emerging from Chapter 11 in a stronger and more financially stable position,” said president and ceo Julian Day.