[RCW2001]

Press Release

SOURCE: Kmart Corporation

Kmart Secures $2 Billion Financing Package and Files for Chapter 11 Reorganization to Aggressively Address Financial and Operational Challenges

All 2,114 Kmart Stores Open for Business; Credit Cards, Gift Certificates, Store Credits To Be Honored As Usual

$2 Billion DIP Financing Package Arranged by JPMorgan Securities, Inc. and Fleet Securities, Inc.; Includes Vendor Lien for Customary Trade Relationship Vendors; Will Fund Operations, Including Employee Salaries and Benefits, and Post-Petition Vendor Payments During Reorganization Process

Completion of Fast-Track Reorganization Targeted for 2003

"We are determined to complete our reorganization as quickly and smoothly as possible, while taking full advantage of this chance to make a fresh start and reposition Kmart for the future," says Kmart CEO Conaway

TROY, Mich., Jan. 22 /PRNewswire-FirstCall/ -- Kmart Corporation (NYSE: KM - news) announced today that, in order to aggressively address the financial and operational challenges that have hampered its performance, the Company and 37 of its U.S. subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code. In its filings in the U.S. Bankruptcy Court for the Northern District of Illinois, in Chicago, the Company indicated that it will reorganize on a fast- track basis and has targeted emergence from chapter 11 in 2003.

[RedBloodedAmerican]

There's hope. America West came out of it, with some help.

[RSADGE]

How much of the so called great 1990's economy was a fraud? Th dot com's and the enrons played fast and loose with the rules. Now where did they get their ideas from? It wouldn't be the Klintons would it?