The seafood restaurant chain, now weighed down by $300 million in debt, gets the green light to exit Chapter 11 protection under a CEO with a plan to recapture its past glory.

Once the deal is finalized, the seafood chain will operate under a new CEO — Damola Adamolekun, former chief executive of P.F. Chang's.

The former P.F. Chang’s CEO promises better service, food and interiors, but no more $20 unlimited shrimp on the menu

A U.S. bankruptcy judge on Thursday approved the casual seafood chain's reorganization plan and sale to a lender group led by asset manager Fortress. The green light arrives under just four months after Red Lobster filed for bankruptcy protection as it pursued a sale,

A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.

Restaurant chain Red Lobster on Thursday received court approval for a restructuring that will allow the company to emerge from bankruptcy under the ownership of a Fortress Investment Group-led coalition of lenders.

Under the plan the chain would be sold to funds managed by affiliates of Fortress Investment Group, as well as co-investors TCW Private Credit and Blue Torch Capital.