U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing US$100 million in financing commitments from its existing lenders, the company said on Sunday.
The company listed its assets and liabilities to be between US$1 billion and US$10 billion, according to a court filing.
Red Lobster said its restaurants will be open and operate as usual during the bankruptcy proceedings, and plans to reduce its locations as well as pursue a sale of substantially all its assets.
Source: GLOBALNEWS
