Ruling on Kmart's critical vendor payments stuns experts

04/21/2003 | Crain's Detroit Business (free registration)

Earlier this month, a U.S. District judge reversed more than $327 million Kmart paid to vendors it deemed critical, a decision Kmart has appealed. Bankruptcy experts acknowledged the payments do not have a basis in bankruptcy law but called the practice widespread and said the ruling "has turned the bankruptcy world on its head."

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