Red Lobster to get new owner after bankruptcy woes

Over two months after Pink Lobster filed for chapter, the seafood restaurant chain may quickly have a brand new proprietor, in accordance with USA Right now.

RL Purchaser, a stalking horse bidder — a agency that places the primary bid on a bankrupt firm’s property to determine a low-end bid — is ready to take over the chain, USA Right now stories.

Courtroom paperwork filed within the Center District of Florida in Orlando on Monday point out the change of possession. RL Purchaser consists of Pink Lobster’s lenders, and it reportedly acquired the chain’s remaining property for a bid of $376 million.

Pink Lobster filed for Chapter 11 chapter again in Might, resulting in restaurant closures throughout Central Florida. The chapter was largely sparked by unstable management, an Final Countless Shrimp deal, and an enormous drop in prospects lately.

Funding agency Fortress Credit score Company is answerable for controlling RL Purchaser, although Pink Lobster wouldn’t be the primary of Fortress’ acquisitions. Different bankrupt firms, reminiscent of Vice Media and Alamo Drafthouse, had been additionally acquired by Fortress (although Alamo Drafthouse was later offered to Sony).

The acquisition (which RL Purchaser received by default) may give Pink Lobster the power to reorganize and amend a few of its operational issues, although no info has been supplied right now about whether or not CEO Jonathan Tibus will stay in his position.

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