United States Largest Seafood Restaurant Red Lobster Files for Chapter 11 Bankruptcy with Operations to Continue with $100 Million Debtor-in-Possession Financing, Founded in 1968 & Acquired by Private Equity Firm Golden Gate Capital in 2014 from Owner of Olive Garden Darden Restaurants, Red Lobster Managed by Largest Shareholder & Seafood Supplier Thai Union Group Which Acquired 25% Shareholding in 2016 for $575 Million
23rd May 2024 | Hong Kong
United States largest seafood restaurant Red Lobster has filed for Chapter 11 Bankruptcy (19/5/24) with Red Lobster operations to continue and receiving a $100 million debtor-in-possession financing. Red Lobster was founded in 1968, and was acquired by private equity firm Golden Gate Capital in 2014 from owner of Olive Garden (Darden Restaurants). Since 2020, Red Lobster is managed by the largest shareholder & seafood supplier Thai Union Group (acquired 25% shareholding in 2016 for reported $575 million). Announcement (19/5/24): “Red Lobster Management LLC, along with its direct and indirect operating subsidiaries (“Red Lobster” or “the Company”), owner and operator of the Red Lobster® restaurant chain, today announced that the Company has voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida. The Company intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. Red Lobster’s restaurants will remain open and operating as usual during the Chapter 11 process, continuing to be the world’s largest and most-loved seafood restaurant company. The Company has been working with vendors to ensure that operations are unaffected and has received a $100 million debtor-in-possession (“DIP”) financing commitment from its existing lenders. Court filings and information about the claims process can be found at a separate website maintained by Red Lobster’s claims agent, https://dm.epiq11.com/RedLobster, or by calling Toll Free (U.S.& Canada): (888) 754-0507. King & Spalding LLP, Berger Singerman LLP and Blake, Cassel & Graydon, LLC are serving as legal advisors. Alvarez & Marsal is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor.”
“ United States Largest Seafood Restaurant Red Lobster Files for Chapter 11 Bankruptcy with Operations to Continue with $100 Million Debtor-in-Possession Financing, Founded in 1968 & Acquired by Private Equity Firm Golden Gate Capital in 2014 from Owner of Olive Garden Darden Restaurants, Red Lobster Managed by Largest Shareholder & Seafood Supplier Thai Union Group Which Acquired 25% Shareholding in 2016 for $575 Million “
Jonathan Tibus, the Company’s CEO:” This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”
About Red Lobster Seafood Co. Red Lobster is where the world goes for seafood, now and for generations. With a proud heritage, Red Lobster is focused on serving the highest quality, freshly prepared seafood that is traceable, sustainable, and responsibly sourced. The Company was founded in 1968 and is headquartered in Orlando, FL.
United States Largest Seafood Restaurant Red Lobster Files for Chapter 11 Bankruptcy with Operations to Continue with $100 Million Debtor-in-Possession Financing, Founded in 1968 & Acquired by Private Equity Firm Golden Gate Capital in 2014 from Owner of Olive Garden Darden Restaurants, Red Lobster Managed by Largest Shareholder & Seafood Supplier Thai Union Group Which Acquired 25% Shareholding in 2016 for $575 Million
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