Does Fertitta still own Landry's?

[S.P. Rodriguez]

I found an article on yahoo this am.  I was surprised by this entry from the businesses near bankruptcy based on default rate of corporate bonds.  I am familiar with some of the companies on the list, not so for all.  Interesting read, sort of baseball related in that so many of the "Drayton is cheap" crowd have wet dreams about Fertitta buying the Astros:

Landry's Restaurants. (LNY; about 17,000 employees; stock down 66%). This restaurant chain, which operates Chart House, Rainforest Café, and other eateries, needs $400 million in new financing to finalize a buyout deal dating to last June. If lenders come through, the company should have enough cash to ride out the recession. But at least two banks have already balked, leading to downgrades of the company's debt and the prospect of a cash-flow crunch.

http://finance.yahoo.com/news/15-Companies-That-Might-Not-usnews-14279875.html

My apologies if this should go in the B&Q section.

[BizidyDizidy]

He doesn't own it outright now (it's public), but owns about 50%. He's trying to take it back private (and essentially own the whole thing), but it's contingent on the financing discussed in the article you posted.

[Ty in Tampa]

If I recall correctly, the buyout deal is Fetitta. He is attempting to take the company private again.

[Limey]

I once met someone who worked in the main office of the Landry's empire.  They said the whole thing was leveraged up to the eyeballs and the only way it kept going was to keep expanding.  If that's still the case today, the recession is likely to be Landry's kryptonite.

[MusicMan]

I once met someone who worked in the main office of the Landry's empire.  They said the whole thing was leveraged up to the eyeballs and the only way it kept going was to keep expanding.  If that's still the case today, the recession is likely to be Landry's kryptonite.

Reminds me of a certain former ballpark sponsor.

[GreatBagwellsBeard]

Reminds me of a certain former ballpark sponsor.

Only with shitty gumbo and white tigers.

[HudsonHawk]

I once met someone who worked in the main office of the Landry's empire.  They said the whole thing was leveraged up to the eyeballs and the only way it kept going was to keep expanding.  If that's still the case today, the recession is likely to be Landry's kryptonite.

I've heard from financial people, that the whole thing was leveraged up the eyeballs and the only way to keep it going was to go bankrupt.  That they can't possibly ever pay off all their debts. 

[MusicMan]

I've heard from financial people, that the whole thing was leveraged up the eyeballs and the only way to keep it going was to go bankrupt.  That they can't possibly ever pay off all their debts. 

You've just described about 60% of the American population.

[Gizzmonic]

To me, the most depressing name of that list is Six Flags.  I better go to Fiesta Texas soon, before they close that place down.  I was there in 2005 for Astroworld and I'm just getting over that.  What now?

[SaltyParker]

To me, the most depressing name of that list is Six Flags.  I better go to Fiesta Texas soon, before they close that place down.  I was there in 2005 for Astroworld and I'm just getting over that.  What now?

I thought the same thing. I had better take the kids before its too late.

[Craig]

To me, the most depressing name of that list is Six Flags.  I better go to Fiesta Texas soon, before they close that place down.  I was there in 2005 for Astroworld and I'm just getting over that.  What now?

One company on that list that jumped out at me was Station Casinos (also owned by Fertittas). I knew they were already in trouble, but I can't imagine what losing Station Casinos would do to Las Vegas. Vegas is already slammed by the economy, but losing 15 gigantic casinos/hotels and all those jobs would be devastating. If you just stay on The Strip you don't see all those locals casinos, but that's where the people who live in Vegas go for entertainment. And it's not just gambling, because most of the movie theaters, bowling alleys, and lots of good restaurants are also in those Station casinos. I sure am glad we got out of there at the height of the real estate boom, because it's been brutal there since we left.

[Holly]

I found an article on yahoo this am.  I was surprised by this entry from the businesses near bankruptcy based on default rate of corporate bonds.  I am familiar with some of the companies on the list, not so for all.  Interesting read, sort of baseball related in that so many of the "Drayton is cheap" crowd have wet dreams about Fertitta buying the Astros:

Landry's Restaurants. (LNY; about 17,000 employees; stock down 66%). This restaurant chain, which operates Chart House, Rainforest Café, and other eateries, needs $400 million in new financing to finalize a buyout deal dating to last June. If lenders come through, the company should have enough cash to ride out the recession. But at least two banks have already balked, leading to downgrades of the company's debt and the prospect of a cash-flow crunch.

http://finance.yahoo.com/news/15-Companies-That-Might-Not-usnews-14279875.html

My apologies if this should go in the B&Q section.

Hmmm. I'll check with the senior and manager on Landry's (the are a client of my employer) and see what they say. I'm the senior for Luby's (same manager) but hadn't heard about THAT kind of pending buyout.

[Arky Vaughan]

Hmmm. I'll check with the senior and manager on Landry's (the are a client of my employer) and see what they say. I'm the senior for Luby's (same manager) but hadn't heard about THAT kind of pending buyout.

The story about the banks walking away from funding the attempt to take the company private was reported pretty heavily a few weeks ago. The banks reportedly backed out because of SEC disclosure requirements.

http://news.moneycentral.msn.com/ticker/article.aspx?Feed=AP&Date=20090115&ID=9517177&Symbol=LNY