UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
AUGUST 24, 1999
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Date of Report (Date of earliest event reported)
PLANET HOLLYWOOD INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 00028230 59-3283783
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(State or other jurisdiction (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification Number)
8669 COMMODITY CIRCLE
ORLANDO, FLORIDA 32819
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(Address of principal executive office, including zip code)
(407) 363-7827
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On August 24, 1999, Planet Hollywood International, Inc. (the "Company")
announced that it had received notice of approval by holders of at least $160
million in principal of its Senior Subordinated Notes due 2005 (the "Notes") of
the agreement in principle recently submitted to its Note holders.
On August 17, 1999, the Company announced that it had entered into an
agreement in principle with a subcommittee representing holders of its Notes and
with an investor group organized by Robert Earl, the Company's founder and Chief
Executive Officer, to restructure the Company's financial position. The proposed
agreement was conditioned upon acceptance by holders of not less than $160
million of the Notes.
A description of the agreement in principle is included in the Company's
Current Reports on Form 8-K filed on August 18, 1999 and August 23, 1999. A copy
of the Company's press release relating to notice of approval of the proposal by
holders of at least $160 million in principal amount of the Notes is attached
hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 7. EXHIBITS.
99.1 Press Release by Planet Hollywood International Inc., dated
August 24, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 24, 1999 PLANET HOLLYWOOD
INTERNATIONAL, INC.
/s/ SCOTT E. JOHNSON
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Name: Scott E. Johnson
Title: Senior Vice President,
General Counsel and Secretary
2
EXHIBIT 99.1
PRESS RELEASE
Contact: Robert Earl
Chairman, Chief Executive Officer
(407) 351-4511
FOR IMMEDIATE RELEASE
PLANET HOLLYWOOD NOTEHOLDERS ACCEPT RESTRUCTURING PROPOSAL
ORLANDO, Florida, August 24, 1999 -- In a press release issued by Planet
Hollywood International, Inc. (NYSE: PHL) on August 17, 1999, the Company
announced that it had entered into an agreement in principle with a subcommittee
representing holders of its $250 million Senior Subordinated Notes due 2005 to
restructure the Company's debt. The proposed plan outlined in the August 17,
1999 press release was conditioned upon acceptance of the offer by holders of
not less than $160 million of the Notes. The Company announced today that it has
received confirmation from counsel for the subcommittee that the requisite
holders of more than $160 million of the Notes have accepted the restructuring
offer.
Certain statements contained herein are forward-looking statements which involve
known and unknown risks and uncertainties which may cause the Company's actual
results to differ materially from what is currently anticipated. Such statements
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and include, without limitation, the Company's
expectations and estimates as to the introduction of new products and
merchandise, future financial performance, final figures for past financial
performance, the possibility of a non-recurring charge, improved results because
of new strategies, the possibility of gains or losses from dispositions of
assets or facilities, and anticipated capital expenditures. Readers should
consider statements which use the terms "believes," "expected," "expects,"
"plans," "intends," "estimates," "anticipated," or "anticipates" to be uncertain
and forward-looking. Such statements reflect the current views of the Company
with respect to future events and are subject to risks, uncertainties and
assumptions. In addition to factors described in the Company's SEC filings, the
following factors, among others, could cause the Company's actual results to
differ materially from those expressed in any forward-looking statements made by
the Company: (i) difficulties or delays in developing and introducing new
products and merchandise or the failure of customers to accept new product
offerings; (ii) changes in consumer preferences, including reduced consumer
demand for the Company's products and brand; (iii) difficulties or delays in the
Company's implementation of initiatives and strategies, including the
introduction of a new menu; (iv) unanticipated costs or difficulties or delays
in completing projects associated with the Company's new merchandising and
marketing strategies; (v) effects and changes in economic conditions, including
inflation and monetary conditions, and in trade, monetary, fiscal and tax
policies in countries and regions outside of the U.S. in which the Company
operates, including Asia; (vi) actions taken by competitors, including business
combinations, new product offerings and marketing and promotions successes;
(vii) difficulties or delays in realizing improved results from operating
consolidations or the sale of certain facilities or assets held for sale or
franchise; and (viii) success of the Company's franchisees and licensees and the
manner in which they promote, operate or develop the Company's brands; (ix) the
availability of sufficient capital to service the Company's debt obligations and
to finance the Company's business plans on terms satisfactory to the Company;
and (x) the success of the Company's marketing of certain assets and pursuit of
financing alternatives. The Company assumes no responsibility to update
forward-looking information contained herein.
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