Playboy Announces Recapitalization: Playboy Enterprises Inc. unveiled...
From Times Staff and Wire Reports
Playboy Announces Recapitalization: Playboy Enterprises Inc. unveiled a recapitalization plan aimed at helping the company finance acquisitions and other activities without diluting the controlling stake of founder Hugh Hefner. The recapitalization, subject to shareholder approval, would establish two classes of common stock, including a new class of non-voting stock. It would increase the number of outstanding Playboy shares to 37.5 million from 15 million, including 30 million shares of non-voting stock, the company said.