Red Lobster Files for Bankruptcy, Secures $100M in Financing

U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said. The company listed its assets and liabilities to be between $1 billion and $10 billion, according to a court filing. Red Lobster said Sunday that 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. The restaurant chain also said...