Houston-based restaurateur Tilman Fertitta is in search of a lender to provide a massive cash infusion to keep his massive hospitality empire afloat.
Fertitta is reportedly willing to pay a whopping 15% interest to any lenders that are willing to offer him a $250 million “lifeline” loan, according to Bloomberg. In addition to this potential loan, Fertitta, who is worth more than $4 billion, has put $50 million of his own money into the company in an effort to keep the hundreds of restaurants he operates under the Landry’s umbrella, including the recently acquired chains Del Frisco’s and The Palm, along with his Las Vegas casinos.
This isn’t the first desperate measure that Fertitta has taken, either. Earlier this month, his company furloughed more than 40,000 workers across the country. Before that, Fertitta’s company sparked outrage after employees at his posh Post Oak Hotel in Houston were told that they would not be able to take any paid time off for the foreseeable future. The company eventually walked back that decision for employees who were not impacted by furloughs.