Landry's drops plan to go private

January 12, 2009 2:36:04 PM PST
Landry's Restaurants Inc. has dropped plans to take the company private and will seek about $400 million for refinancing. [SIGN UP: Get headlines and breaking news sent to you]

CEO Tilman Fertitta owns 39 percent of the company and had sought to buy the remaining 61 percent.

A statement Monday from the Houston-based company says the decision is due to "unusual circumstances" with its lenders and the Securities and Exchange Commission.

Landry's says the SEC was requiring the company to disclose information from a commitment letter with the lead lenders, which required that the terms remain confidential.

Landry's says the lenders, despite termination of the plan to go private, will provide the refinancing.

Landry's owns Rainforest Cafe, Saltgrass Steak House, Landry's Seafood House, Charley's Crab, The Chart House and the Signature Group of restaurants.

The company also owns the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.

      Headline check | 100 most recent local stories | News alerts
            Slideshow archive | ABC13 wireless | Help solve crimes


Load Comments