Ontario court approves sales process for Red Lobster Canada

An Ontario court has approved a sales process and stalking horse bid for Red Lobster Canada, which is operating under court protection from creditors.The Canadian PressIn May, a U.S. court approved the sales process for the seafood chain Red Lobster, which launched Chapter 11 bankruptcy proceedings. An Ontario court has approved a sales process and stalking horse bid for Red Lobster Canada, which is operating under court protection from creditors.

Court filings made on June 11 say the steps are meant to "preserve" Red Lobster's business in Canada and the employment of the company's 2,000 workers stationed at 27 restaurants across the country.

Source: Law Daily Report (lawdailyreport.net)

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