Red Lobster files Chapter 11 bankruptcy, secures $100M financing, plans asset sale, and continues operations.

Red Lobster, a US-based restaurant chain, filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders. The company plans to reduce its locations and pursue a sale of substantially all its assets. Red Lobster will continue operations during the bankruptcy proceedings. The chain listed its assets and liabilities as between $1 billion and $10 billion each.

May 20, 2024
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