Kmart reconsiders additional funding
August 27, 2002,
Troy, MI — Kmart said that its liquidity is sufficient and that it will not seek authority to increase the size of its current $2 billion debtor-in-possession credit facility.
The retailer, which filed for Ch. 11 in January, said its latest projections show that at the peak of seasonal inventory build it will have $1.1 billion of cash and available credit under the DIP facility, enough to meet its post-petition obligations to vendors.
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