Restructuring to Optimize Actual Property Footprint and Facilitate Going Concern Sale
Orlando, FL (RestaurantNews.com) Crimson Lobster Administration LLC, together with its direct and oblique working subsidiaries (“Crimson Lobster” or “the Firm”), proprietor and operator of the Crimson Lobster® restaurant chain, at this time introduced that the Firm has voluntarily filed for aid underneath Chapter 11 of the Chapter Code in the US Chapter Court docket for the Center District of Florida. The Firm intends to make use of the proceedings to drive operational enhancements, simplify the enterprise by a discount in areas, and pursue a sale of considerably all of its belongings as a going concern. As a part of these filings, Crimson Lobster has entered right into a stalking horse buy settlement pursuant to which Crimson Lobster will promote its enterprise to an entity fashioned and managed by its current time period lenders.
Crimson Lobster’s eating places will stay open and working as traditional throughout the Chapter 11 course of, persevering with to be the world’s largest and most-loved seafood restaurant firm. The Firm has been working with distributors to make sure that operations are unaffected and has acquired a $100 million debtor-in-possession (“DIP”) financing dedication from its current lenders.
Jonathan Tibus, the Firm’s CEO, stated “This restructuring is the very best path ahead for Crimson Lobster. It permits us to deal with a number of monetary and operational challenges and emerge stronger and re-focused on our development. The help we’ve acquired from our lenders and distributors will assist make sure that we will full the sale course of rapidly and effectively whereas remaining targeted on our staff and company.”
Court docket filings and details about the claims course of might be discovered at a separate web site maintained by Crimson 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 authorized advisors. Alvarez & Marsal is serving as monetary advisor and offering company management as Chief Government and Chief Restructuring Officers. Hilco Company Finance is serving as M&A advisor to Crimson Lobster. Eager-Summit is serving as actual property advisor.
About Crimson Lobster Seafood Co.
Crimson Lobster is the place the world goes for seafood, now and for generations. With a proud heritage, Crimson Lobster is targeted on serving the very best high quality, freshly ready seafood that’s traceable, sustainable, and responsibly sourced. The Firm was based in 1968 and is headquartered in Orlando, FL. To study extra about Crimson Lobster, together with areas and menu choices, please go to RedLobster.com or discover us on Fb, X, Instagram or TikTok.
Contact:
mediacontact@redlobster.com