Planet Hollywood officials have told the court they are confident they can complete the plan by April 26. If the judge denies the request, other companies may immediately submit their own plans for keeping the 11-year-old, locally based chain alive.

One suitor waiting in the wings for the past three months is Houston-based Landry's Seafood Restaurants Inc. Landry's previously 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 confirm to GlobeSt.com.

Planet Hollywood chairman Robert I. Earl, who earns $400,000 a year while the company is in Chapter 11, favors taking the company private again for easier management, lawyers intimate with the discussions between the creditor group and the company tell GlobeSt.com on condition of anonymity. Earl won't comment until the reorganization plan is filed and either accepted or rejected, associates tell GlobeSt.com.