Red Lobster filed for bankruptcy protection in May and it led to the closing of dozens of restaurants in the U.S.

There may be smooth sailing ahead for Red Lobster after the popular seafood restaurant chain received court approval for its Chapter 11 plan to sell the company to a new firm.

Much like the rare orange crustacean found in Pueblo earlier this year, 50 local employees' jobs have been saved from the boiling pot. Here's how.

Red Lobster is betting on a new 35-year-old CEO to turn around its ailing business.

"If they wanted to, they would," is an old saying about determination, and one American seafood chain took this quote seriously when it seemed like the end was near. This nostalgic restaurant devised a successful restructuring plan to avoid letting a financial mishap ruin its over five-and-a-half decades-long cheddar biscuits and endless shrimp empire overnight.

The green light arrives under just four months after Red Lobster filed for bankruptcy protection as it pursued a sale, following years of mounting losses and dwindling foot traffic. The Florida-based chain,

Four months after its Chapter 11 filing, restaurant chain Red Lobster says it has exited bankruptcy led by new management. The company announced on Monday, Sept. 16 that it's been acquired by lender group RL Investor Holdings with $60 million in new funding backed by Fortress Investment Group.

Seafood restaurant chain Red Lobster has exited Chapter 11 bankruptcy restructuring after completion of its acquisition by RL Investor Holdings. RL Investor Holdings, formed by funds managed by affiliates of Fortress Investment Group,

Red Lobster has officially emerged from bankruptcy. The casual dining chain, known for its signature cheddar biscuits, filed for Chapter 11 bankruptcy protection back in May. Red Lobster was forced to close many US locations due to its endless seafood deals,