If the judge approves the Chapter 11 restructuring, Planet Hollywood would still be open to takeover offers, Planet officials have told the court.
Landry's Seafood Restaurants Inc., a 22-year-old, Houston-based chain, is knocking on Planet's door, even though Planet has vacated about 200,000 sf of restaurant sites in six markets over the past 90 days.
In December, Landry's offered to loan Planet Hollywood $2.5 million in short-term financing but the court rejected the plan. Landry would have had an inside track to buying Planet at a later date if the loan offer had been accepted, court deputies tell GlobeSt.com on condition of anonymity.
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