Court OKs Kmart reorganization

CHICAGO -- A federal court approved Kmart Corp.'s reorganization plan late Tuesday, paving the way for the giant retailer to emerge from bankruptcy in less than two weeks.

A U.S. bankruptcy judge signed the confirmation order after negotiations Monday and Tuesday cleared away scores of objections to the plan from creditors, competitors and others.

The Troy, Mich., company expects to emerge May 5 from the largest retail bankruptcy in U.S. history. It sought Chapter 11 protection in January 2002.