CREDITORS SELLING KMART CLAIMS TO DEBT BUYERS.(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, June, 2002 by Zaczkiewicz, Arthur
CHICAGO-Creditors owed money by Kmart are cashing out their unsecured, non-priority claims by selling them to debt buyers.
One recent transfer was from Glenoit Corp., which is also in bankruptcy proceedings. According to court records filed May 31, the textiles supplier transferred a claim of $957,439 to Contraian Capital Trade Claims LP, which is based in Greenwich, Conn. Another home goods company that cashed out was housewares supplier Aladdin Industries, which sold a $700,875 claim to Contraian. What Aladdin and Glenoit received for the claims was not disclosed. Other transferred claims filed in late May varied from $714 to $300,000.
There are several thousand vendors on Kmart's list of unsecured creditors. About 75 vendors filed transfer notices...
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