NEW YORK - Red Lobster is moving closer to a bankruptcy sale that would put lenders, including Fortress Investment Group, in charge of the company after no other bidders stepped up with an offer to repay the struggling U.S. restaurant chain's debt, according to court documents.
The company, which took an additional $100 million loan to fund its restructuring, had planned to conduct an auction on Tuesday, but it said in a Monday court filing that it had received no qualified bids.Red Lobster was willing to consider bids for the entire company if a buyer could pay at least $2.5 million more than the company's debt, according to the court documents.
The company closed 93 locations earlier in the year, and it did not immediately respond on Tuesday to a question about how many locations would remain open after its bankruptcy. A spokesman for Fortress declined to comment on the sale before it was completed. Red Lobster did not immediately respond to a request for comment.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BNNBloomberg - 🏆 83. / 50 Read more »