But the company's new business plan won't be court-approved in March 2003 until the chain's unsecured debt load is reduced to $28 million from $54 million, based on the newest ruling from Judge Arthur B. Briskman in the Orlando division of U.S. Bankruptcy Court.

Briskman also ordered Planet Hollywood to pay $180,000 to special auditor Soneet Kapila, president, Kapila & Co., Fort Lauderdale, FL for his 57-page, two-month investigative report that alleges Planet chairman Robert I. Earl and associates had misled shareholders on the company's financial health. Earl denied the allegations and said a pending Securities and Exchange Commission probe would clear the company of any alleged wrongdoing.

Planet's unsecured creditors agreed to the company's business plan this week after Earl promised to collectively pay them $2.4 million in claims. Unsecured creditors normally wouldn't receive anything in most Chapter 11 reorganizations, deputy court clerks following the case tell GlobeSt.com.