(COMTEX)     B: DJ. Kmart Seeks Crt Approval To Sell Another Corporate Jet
B: DJ. Kmart Seeks Crt Approval To Sell Another Corporate Jet
 
CHICAGO, Nov 07, 2002 (ODJ Select via COMTEX) -- By Erik Ahlberg
 
Of DOW JONES NEWSWIRES
 
(Dow Jones)--Kmart Corp. (KM) is seeking a bankruptcy judge's approval to sell a
corporate jet for $3.5 million, according to court documents.
 
Kmart, of Troy, Mich., had used the plane to transport executives, namely
divisional presidents, to and from stores in their respective regions.
 
The aircraft, a 1999 Beachjet 400A, "is no longer essential to (Kmart's)
business operations," according to the filing.
 
Dominion Aircraft Inc. has emerged as the highest of five bidders. About 18
parties expressed interest.
 
In July, Kmart asked for permission to sell a 1985 Beechjet for $2.15 million,
citing similar reasons.
 
Kmart filed for federal bankruptcy protection in January after a tough holiday
selling season and stiff competition from several retailers including Wal-Mart
Stores Inc. (WMT) and Target Corp. (TGT).
 
Kmart in recent weeks has reaffirmed its commitment to a "fast-track"
reorganization and said it plans to emerge from bankruptcy next year.
 
A hearing on the sale of the plane has been set for Nov. 19 in Chicago.
 
-By Erik Ahlberg, Dow Jones Newswires; 312-750-4141; erik.ahlberg@dowjones.com
 
 
 
 (C) Copyright 2002 ODJ
 
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