The arrangement was crucial to Planet's reorganization plan being accepted by Bankruptcy Judge Arthur B. Briskman, as Planet chairman Robert I. Earl had worked out repayment deals with all creditors except CTI until yesterday.
Briskman is expected to rule on Planet's reorganization plan Dec. 16 after the company files its amended disclosure statement Nov. 4. Earl and his lawyers couldn't be reached at GlobeSt.com's publication deadline. But real estate lawyers not related to the case tell GlobeSt.com the new deal with creditors assures some payment to all, even unsecured creditors who are owed $2.4 million.
Planet filed its second Chapter 11 petition Oct. 15, 2001, listing assets of $121 million and liabilities of $131 million. The company emerged from its first Chapter 11 filing in May 2000 after seeking protection in October 1999.
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