PlanetOut is Down, But Hopes Community Site Will Help Stave Off Bankruptcy; Hires Banker

While PlanetOut‘s Gay.com community site may still have some value, it may not be valuable enough to keep the company out of Chapter 11, Barrons reports. The owners of PlanetOut, which operates websites, magazines and travel services for the gay and lesbian community, hopes to raise at least $15 million in new equity or subordinated debt – $7 million by June 30 and the rest by August 31

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