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Jun 29, 2007
Quickie Link: PlanetOut Inc. Faces Financing Deadline
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By vanrozenheim
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(USA) - PlanetOut Inc.’s first major hurdle in its uphill climb toward fiscal solvency is just days away. After posting a $6.9 million loss the first quarter of this year, the company’s lender set June 30 as the date by which it must raise at least $7 million—with another $8 million to come by August 31. To that end, PlanetOut put SpecPub, its adult-entertainment division, up for sale in early June. It has also retained investment banking firm Allen and Company to review all aspects of the business and assist in a turnaround—a process company executives predict will take about 18-24 months.
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