FED: US Planet Hollywood restructure won t affect Aust

AAP General News (Australia)
08-18-1999
FED: US Planet Hollywood restructure won t affect Aust

SYDNEY, Aug 18 AAP - A move to place the US arm of the theme-restaurant chain Planet
Hollywood under voluntary bankruptcy protection would not affect its Australian restaurants,
the company said today.

Planet HollywoodInternational Inc, which is partially owned by film stars such as
Sylvester Stallone, plans to file voluntarily for Chapter 11 bankruptcy protection while it
attempts to restructure its operations.

Planet Hollywood Australian and New Zealand operations director Doug Stein said the move
would have no impact on Australian operations because they were owned and operated by a
separate company, Planet Hollywood Asia.

Mr Stein said Planet Hollywood Asia had restaurants in Sydney and Melbourne, one under
development in Surfers Paradise and another restaurant expected to open in Auckland in
October.

The company has no connection to actors Stallone, Demi Moore, Arnold Schwarzenegger and
Bruce Willis, who joined forces to open the venture in 1991.

Mr Stein said the Singapore-based Planet Hollywood Asia owned and operated 11 restaurants
and employed up to 1,500 staff in the Asia Pacific.

And he said its planned new restaurants would go ahead despite the restructure plans of
Planet Hollywood International.

As part of the planned reorganisation, the company's two largest shareholders and a trust
for the children of the company's CEO have agreed to provide a more than $A46 million cash
infusion to help keep the international chain of glitzy restaurants going.

The company has been trying to cut costs, but analysts have said aggressive expansion and
increased competition have hurt it.

AAP nd/tsm/kr

KEYWORD: US PLANET AUST

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