Penthouse (PHSL)

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New Plan:
Under the Plan, if confirmed, holders of the Company's 15% Senior Notes due 2004 and the Company's general unsecured creditors would receive payment of their allowed claims in full in cash, the Company's outstanding Class A Preferred Stock would be reinstated, and the common stock of the reorganized Company would be issued to Penthouse International, Inc. (OTC Bulletin Board: PHSL.OB - News), which has not filed for bankruptcy protection and currently owns 99.5% of General Media, Inc.

Old Plan:
The previous plan of reorganization, which was withdrawn by General Media on Tuesday, provided that holders of the Company's Senior Notes would exchange them for 1 million shares of common stock of the reorganized Company, representing 100% of the new common equity, plus up to $27 million principal amount of new notes, while general unsecured creditors, whose claims aggregate approximately $10-$12 million, would have shared pro rata in $2 million in cash and $3 million principal amount of new notes.