The filings say the steps are meant to preserve Red Lobster’s business in Canada
Red Lobster Canada will ask an Ontario court next week to recognize a stalking horse bid from its lenders and approve a sales process for its assets.
Court filings made on behalf of the beleaguered seafood chain’s Canadian operations say the matter will be heard by the Superior Court of Justice on June 18, as long as a U.S. court approves the sales process before then.The documents say the stalking horse bid will give lenders a chance to sell the company’s assets in a way that preserves and maximizes their value and helps them avoid the risk of assets being sold for a lower price.
The court documents say the bid will be “market-tested” to ensure the company nabs the highest or otherwise best offer, or combination of offers, for the Red Lobster business as a whole or its assets.Red Lobster has 2,000 employees working at 27 locations in Canada, while the U.S. is home to 550 of the chain’s restaurants. Florida-based Red Lobster Management LLC shuttered dozens of locations in the U.S.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Red Lobster Canada to ask Ontario court to enforce U.S. bankruptcy protection proceedingsDocuments show the process could include selling the seafood restaurant chain’s Canadian assets
Read more »
Red Lobster Canada to request Ontario court to recognize U.S. case on bankruptcy protectionA lawyer representing Red Lobster's Canadian operations says he will ask an Ontario court to recognize and enforce the restaurant chain's Chapter 11 bankruptcy in the U.S.
Read more »
Red Lobster Canada to ask Ontario court to recognize U.S. bankruptcy protection caseA lawyer representing Red Lobster's Canadian operations says he will ask an Ontario court to recognize and enforce the restaurant chain's Chapter 11 bankruptcy in the U.S.
Read more »
Red Lobster Canada to ask Ontario court to recognize U.S. bankruptcy protection caseA lawyer representing Red Lobster's Canadian operations says he will ask an Ontario court to recognize and enforce the restaurant chain's Chapter 11 bankruptcy in the U.S.
Read more »
Red Lobster Canada to ask Ontario court to recognize U.S. bankruptcy protection caseA lawyer representing Red Lobster's Canadian operations says he will ask an Ontario court to recognize and enforce the restaurant chain's Chapter 11...
Read more »
Ontario judge upholds Red Lobster's U.S. bankruptcy case in CanadaTORONTO — An Ontario judge issued an order Tuesday that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada.
Read more »