Following a filing by Red Lobster for U.S. bankruptcy protection, the only bid for the assets of the company was made by RL Purchaser, comprising a consortium of lenders to the company under the coordination of Fortress Credit Corp. The transaction must be approved by the bankruptcy court. The sole bid by RL Purchaser follows a series of motions and hearings leading to an auction on July 23rd.
A parallel sequence of events is playing out in Canada with respect to Red Lobster in that nation. RL Purchaser has made a bid for assets of the company that is intended to maximize their value, to protect jobs and ensure continuation of the business.