Planet Hollywood emerges from Chapter 11 reorganization

Thursday, May 11, 2000 | 10:58 a.m.

ORLANDO, Fla. -- Planet Hollywood International Inc. emerged from Chapter 11 reorganization, effective Tuesday.

The reorganization has provided $30 million in new investment, $25 million in new credit facilities and has significantly reduced the outstanding debt, the restaurant chain said.

As a result of the reorganization, all of Planet Hollywood's existing common stock has been canceled in exchange for 200,000 warrants to purchase new common stock in the reorganized company.

The chain has a Planet Hollywood at the Forum Shops at Caesars in Las Vegas, but closed its Official All-Star Cafe on the Las Vegas Strip.

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