Red Lobster Management
Representation of the creditors’ committee in the chapter 11 case of Red Lobster Management in the Middle District of Florida. The debtor, the largest seafood restaurant chain in the world, filed for bankruptcy in May 2024 with more than $1 billion in debt and plans to keep its roughly 650 restaurants open and operating during the bankruptcy process. In August 2024, the bankruptcy court confirmed the debtors’ chapter 11 plan, under which, among other things, a lender group will acquire the business and potential estate actions and claims against the debtors’ equityholders and other former insiders were transferred to a liquidation trust that will pursue such actions and liquidate other trust assets for the benefit of unsecured creditors. With the firm’s assistance, the committee realized its goals of the company continuing as a going concern and obtaining recoveries for unsecured creditors. Red Lobster is now an independent, privately held company with more than 500 restaurant locations.
