Circuit City Gets First-Day Boost

Law360, New York (November 11, 2008, 12:00 AM EST) -- After ducking into Chapter 11 earlier this week, Circuit City Stores Inc. has received a nod of approval for a slew of first-day motions including its $1.1 billion debtor-in-possession financing package.

On Monday, the electronics retailer revealed that the U.S. Bankruptcy Court for the Eastern District of Virginia had already signed off on the requests, which were submitted along with the company's voluntary Chapter 11 petition.

"We are pleased to have obtained court approval for our first-day motions, a critical first step in Circuit City's reorganization...
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