Creditors Give Planet Hollywood Three More Weeks to File Plan

ORLANDO-Planet Hollywood International Inc., down from 80 owned restaurants when it went public in 1996 to 10 today, is asking U.S. Bankruptcy Judge Arthur B. Briskman for a second extension in filing its Chapter 11 reorganization plan. The company missed its first deadline Feb. 19 and its second, April 5.

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.