USA: Court Agrees $2 Billion Cash Plan For Kmart
A US bankruptcy court has approved $2 billion in new financing for troubled retail giant Kmart Corp as well as up to $150 million in bonuses to help persuade key executives to stay with the firm – despite strong opposition from union leaders. Bankruptcy Judge Susan Pierson Sonderby backed the financing deal which will allow Kmart to stay in business, pay employees and stock shelves at its network of 2,100 stores – although hundreds of unprofitable outlets are facing the axe.
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