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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: KevinMark who wrote (7481)	8/18/1999 1:04:00 PM
From: SSP	Respond to of 150070

Well they do deal with rocket launchers!

To: KevinMark who wrote (7481)	8/18/1999 1:04:00 PM
From: SSP	Read Replies (2) \| Respond to of 150070

A: Planet Hollywood may file Chapter 11 A: Planet Hollywood may file Chapter 11 ORLANDO, Fla., Aug. 18 (UPI) _ Planet Hollywood International Inc. is considering a rescue plan its executives believe would allow the global theme-restaurant chain to keep operating while it goes through a major restructuring. The proposal calls for the Orlando, Fla.-based company to abolish its common stock and buy out is current bondholders. Robert Earl, chairman and chief executive officer, said if a majority of bondholders agree to the deal, it could be taken to court for a Chapter 11 bankruptcy filing by the end of the year. He said the company likely would operate with U.S. Bankruptcy Court protection from its creditors for no more than 60 days. Analysts say the big losers in the deal would be the dwindling number of investors who have hung on to their Planet Hollywood stock during the past year. The company's common stock has fallen in value from $27 a share in June 1996 to .75 when trading was halted Tuesday. But Earl says approval of the plan would lead to a ''new era at Planet Hollywood. Questions about our longevity...are resolved if the bondholders approve. We will have breathing space going forward.'' To retain control of Planet Hollywood, Earl has devised a plan that calls for a group of investors _ including unnamed Hollywood celebrities _ to invest another $30 million in the company, which operates more than 80 restaurants worldwide. Among the firm's original investors in 1991 were Arnold Schwarzenegger, Bruce Willis, Demi Moore and Sylvester Stallone. In the quarter that ended June 30, Planet Hollywood lost $28.2 million, or 26 cents per diluted share. _- Copyright 1999 by United Press International. All rights reserved. _- * end of story *