Planet Hollywood wrote off $5m in loans to celebrities, an independent report has revealed.
The review was requested by the company's unsecured creditors who are owed $20m.
The restaurant company once counted Arnold Schwarzenegger, Bruce Willis, Demi Moore and Sylvester Stallone as its celebrity backers.
The report criticises Planet Hollywood's founders, Robert Earl and Keith Barrish, for being too friendly with celebrities.
