Red Lobster announces next owner

"Red Lobster Management LLC on July 22 filed its "designation of successful bidder" paperwork with the U.S. Bankruptcy Court for the Middle District of Florida in Orlando.

The seafood chain's new owner will be RL Purchaser LLC, a stalking horse bidder made up of Red Lobster’s lenders, which proposed a $376 million bid.

If the restaurant company's July 19 reorganization plan holds firm, the transaction will involve an equity transfer where the buyer receives equity in the reorganized company, instead of buying the company’s assets outright."