Restructuring to Optimize Real Estate Footprint and Facilitate Going Concern Sale
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.
Jonathan Tibus, the Company’s CEO, said “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.”
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.
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. To learn more about Red Lobster, including locations and menu options, please visit RedLobster.com or find us on Facebook, X, Instagram or TikTok.
Contact:
mediacontact@redlobster.com
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