Chron: Everything's fine in Tilman-land, really!

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Today, the Chronicle affords Tilman Fertitta the opportunity to assure readers that his operation is fine, in response to recent reporting on his company’s refinancing woes:

Landry’s Restaurants Chairman and CEO Tilman Fertitta said Friday the company is financially sound and that its current debt problem is easily solved.

“It’s no big deal,” he said. “I can solve it tomorrow by writing a check, but I’m negotiating.”


Landry’s said [recently downgraded] ratings should improve once the debt issue is resolved.

In addition to the notes, which are held in trust by U.S. Bank, Landry’s has a $450 million credit agreement with Wachovia Bank with a similar stipulation regarding its filing of financial statements.

Landry’s said Wachovia could require immediate payment of the $97 million it owes on the credit agreement, but it hasn’t and it doesn’t expect the bank to.

“Nothing is wrong with the company,” Fertitta said.

Well, if Fertitta says so, allrighty then!

One commenter had an amusing take on the story and Fertitta:

I’m going to sell my Enron stock and buy some Landry’s stock. I beleive him.

Ken Lay


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