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Midway 1st-Day Motions OK'd As Noteholders Object

Law360 (February 17, 2009, 12:00 AM EST) -- Bankrupt Midway Games Inc. has won approval of several first-day motions but faces an objection from noteholders as the video game maker seeks a way forward in the wake of entertainment mogul Sumner M. Redstone's sale of his stake in the company.

The company, best known for its Mortal Kombat video game franchise, began Chapter 11 proceedings Thursday along with nine affiliates in the U.S. Bankruptcy Court for the District of Delaware.

On Friday, Bankruptcy Judge Kevin Gross authorized the company to utilize its cash collateral...
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