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<a href="http://www.accessmylibrary.com/article-1G1-132678338/critical-vendor-orders-after.html" title="Facts and information about Critical vendor orders after Kmart: a new lease on life.(CREDIT COLUMN)(Kmart Holding Corp.)(Column)">Critical vendor orders after Kmart: a new lease on life.(CREDIT COLUMN)(Kmart Holding Corp.)(Column)</a>
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Critical vendor orders after Kmart: a new lease on life.(CREDIT COLUMN)(Kmart Holding Corp.)(Column)
In the Kmart case, the Seventh Circuit Court of Appeals rejected any preferred treatment for some 2,300 "critical vendors" with pre-petition unsecured claims exceeding 300 million. The Seventh Circuit had ruled that the bankruptcy court lacked any basis under the outdated "necessity of payment" doctrine and the court's equitable powers under Section 105(a) of the Bankruptcy Code to approve Kmart's payment of critical vendors' pre-petition claims.
Nevertheless, the Seventh Circuit suggested, but did not decide, that Section 363(b) of the Bankruptcy Code might be a basis for approving preferred treatment for critical vendors, under the right circumstances. However, ...
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