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Collected Strategies handles Red Lobster as the world’s largest seafood chain files for Chapter 11 protection.
It says the reorganization will drive operational improvements, simplify its business via the shutdown of low-performing restaurants, and pave the way for the sale of the business as a going concern.
Red Lobster has entered into a stalking horse purchase agreement that calls for it to sell the business to a group formed and controlled by its existing term lenders.
CEO Jonathan Tibus said the support from lenders and vendors will ensure that the sale of the company will occur quickly and efficiently.
He expects Red Lobster to emerge from the Chapter 11 proceedings as a stronger company focused on growth.
Red Lobster has about 600 restaurants, and has recently closed units in Orlando, San Antonio, Denver and San Diego.
Collected Strategies partners Dan Moore and Jude Gorman work the Red Lobster Chapter 11 filing.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
