Posted on: Tuesday, December 17, 2002

Planet Hollywood out of bankruptcy again

Associated Press

ORLANDO, Fla. — Planet Hollywood International Inc. yesterday won approval to emerge from bankruptcy for the second time in two years and began focusing on regaining its stature in a battered theme-restaurant industry that peaked in the late 1990s.

U.S. Bankruptcy Judge Arthur Briskman approved Planet Hollywood's reorganization plan, despite concerns from businesses that say they are still owed money, state and local governments that are owed back-taxes and a New York landlord with which it has a lease dispute.

The reorganized movie-themed restaurant and retail store will be privately held. It went public in 1996.

Orlando, Fla.-based Planet Hollywood plans to focus on sales at its 10 remaining restaurants in tourist destinations such as Atlantic City, N.J., Hawai'i, Las Vegas, Minnesota's Mall of America, Myrtle Beach, S.C., New York, Orlando, London, Paris and Disneyland Paris.