Tilman J. Fertitta, chairman, president and CEO of Houston-basedLandry's and owner of Fertitta Holdings Inc., has told the specialcommittee of the board of directors that the shutdown of itsKemah andGalveston restaurants, deterioration in the casual diningand gaming industries and problems with the credit market mean debtis very difficult to obtain, particularly at the current price pershare. He says he is in negotiations with Jefferies & Co. inNew York City about financing. In the press release, it was notedLandry's had filed a preliminary proxy to hold a shareholders'meeting Nov. 3.
When the definitive agreement was signed in June, FertittaHoldings had planned to assume about $885 million of Landry's debt.Furthermore, Fertitta had received financing commitments fromJefferies & Co. and Wells Fargo Foothill LLC of Santa Monica,CA.
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