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May 20, 2024

King & Spalding Advises Red Lobster in One of 2024’s Highest Profile Chapter 11 Bankruptcies

King & Spalding represents Red Lobster and 14 of its affiliates in their voluntary Chapter 11 bankruptcy filed in the Middle District of Florida (Orlando division), one of the largest and most high-profile filings of the year. With approximately 600 locations and over $2BN in annual revenue, Red Lobster is the nation’s largest seafood restaurant chain. In connection with the filing, Red Lobster entered into: (a) a Stalking Horse Asset Purchase Agreement with its existing Term Lenders for the sale of Red Lobster’s business as a going-concern; and (b) a Debtor-in-Possession Credit Facility with the existing Term Lenders to fund the chapter 11 cases.