Purple Lobster Administration LLC, together with its direct and oblique working subsidiaries, proprietor and operator of the Purple Lobster restaurant chain, at the moment introduced that the Firm has obtained court docket approval of its Chapter 11 plan.
As a part of the Chapter 11 plan, RL Investor Holdings LLC will purchase the Purple Lobster restaurant chain from the Firm. RL Investor Holdings LLC is an entity created by funds managed by associates of Fortress Funding Group LLC, alongside co-investors TCW Non-public Credit score and Blue Torch. The acquisition is anticipated to shut earlier than the top of September.
On completion of the acquisition, will develop into the CEO of the Purple Lobster restaurant chain, and Jonathan Tibus, who has served because the Firm’s CEO through the reorganization, will step down from the position and depart the Firm.
“This can be a nice day for Purple Lobster,” mentioned Mr. Adamolekun. “With our new backers, we’ve got a complete and long-term funding plan – together with a dedication of greater than $60 million in new funding – that may assist to reinvigorate the enduring model whereas protecting the perfect of its historical past. Purple Lobster has an incredible future, and I can’t wait to get began on our plan with the Firm’s greater than 30,000 group members throughout the USA and Canada. I need to thank Jonathan Tibus and his group for his or her stewardship, and stay up for welcoming them as frequent Purple Lobster visitors.”
Purple Lobster will proceed to function as an unbiased firm, with 544 areas throughout 44 U.S. states and 4 Canadian Provinces.
Jonathan Tibus added, “I am pleased with what Purple Lobster has achieved throughout this restructuring – the Firm will emerge from Chapter 11 stronger financially and operationally, and with new backers who’re resolutely centered on funding and progress. I am extremely grateful for the help we have obtained from our group members and diners, and from so a lot of our landlords and distributors all through this course of. I am trying ahead to cheering on Purple Lobster as an ardent fan within the years forward.”
