Judge clears path for sale of Red Lobster
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.
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.”
