Red Lobster Gets OK To Tap $40M Ch. 11 Loan

By Rick Archer · May 21, 2024, 7:38 PM EDT

A Florida bankruptcy judge Tuesday gave seafood chain Red Lobster interim permission to draw on $40 million in Chapter 11 financing the company says is necessary to keep its restaurants running...

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Bankruptcy Scorecard

Summary

The Red Lobster seafood restaurant chain filed for Chapter 11 protection in a Florida bankruptcy court with $294 million in debt and sale plans, saying its problems included its equity owner and shrimp supplier possibly pushing it into a disastrous all-you-can-eat shrimp offer.

Case Number

6:24-bk-02486

Judge

Grace E. Robson

Venue

U.S. Bankruptcy Court for the Middle District of Florida

Capital Structure

Total Liabilities:

$294 million in debt

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