Red Lobster nearing deal with new owner

New York (CNN) — Two months after filing for bankruptcy, Red Lobster is close to emerging with a new owner.

Red Lobster said last week in a court filing that it will accept an existing sale offer from Fortress Credit Corp., a lender experienced in restaurant management, after the seafood chain did not receive any other acquisition bids. A hearing has been set for this week for a judge to approve the sale.

Fortress is one of Red Lobster’s largest lenders and has financed the restaurant chain’s operations, including a new $100 million loan that allowed Red Lobster to stay afloat during its bankruptcy proceedings. Fortress is an investment fund and owns restaurant chains such as Krystal, Logan’s Roadhouse and J. Alexander’s through a hospitality arm of the fund.

Red Lobster has closed around 100 restaurants in recent months, including five restaurants in Indiana, and has said it wants to close several dozen more location...