Judge clears path for Red Lobster sale

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

The mood in the Orlando courtroom where the Red Lobster Management LLC bankruptcy case is being heard was just a notch below giddy on June 14 as attorneys for the parties and even the judge herself marveled at the speed at which everyone involved could get on board with a framework that will facilitate the sale of the restaurant chain and lay the groundwork to maximize recoveries for creditors.

▶ WATCH CHANNEL 9 EYEWITNESS NEWS

Since May 21, when the first hearing was held, parties in the case have managed to pull together a sales agreement that normally would take much longer.

“In a few weeks, they agreed on a financing plan and the procedures for selling most of the assets,” said Edward Peterson of Johnson Pope, a Tampa business bankruptcy attorney practicing throughout the Southeast who is not involved with this case. “This would usually take 60 to 90 days to get approved.”

Read: Surfer Tamayo Perry dies in apparent shark attack off the coast of Oahu

Click here to read the full story on the Orlando Business Journal’s website.

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

Multiple Orlando Red Lobster locations listed as ‘temporarily closed’ Multiple Red Lobster locations in Central Florida were listed as “temporarily closed” on the company’s website Monday. (WFTV)

©2024 Cox Media Group