Red Lobster Wins 2024 Real Estate Award for Bankruptcy Reorganization
Deal News | Jun 25, 2025 | Proskauer Rose (UK) LLP
Proskauer Rose (UK) LLP, a leading international law firm, has advised on a bankruptcy case recognized as ABI's Asset Sale of the Year in the 2024 Real Estate category. The American Bankruptcy Institute honored this Chapter 11 case for Red Lobster Management LLC, applauding the complex reorganization led by Fortress Investment Group. Proskauer represented Fortress, the lead lender and purchaser, throughout Red Lobster's restructuring, which included renegotiating leases and closing underperforming restaurants. Upon emerging from bankruptcy, Red Lobster retained 545 restaurants across the US and Canada. The team of Proskauer consisted of various partners and associates specializing in Restructuring, Private Credit, M&A, and Real Assets.
Sectors
- Legal Services
- Private Equity
- Hospitality
- Real Estate
Geography
- United States – Proskauer Rose LLP has headquarters in the US, and Red Lobster operates primarily across the US.
- Canada – Red Lobster has some restaurant operations in Canada, making it part of the geographical scope for the restructuring.
- United Kingdom – Proskauer Rose (UK) LLP is based in the UK and was part of the advisory team.
Industry
- Legal Services – This industry is relevant because Proskauer Rose LLP, a leading law firm, provided legal services for the bankruptcy and restructuring of Red Lobster.
- Private Equity – Fortress Investment Group, a global private equity firm, played a central role in the restructuring of Red Lobster, making this industry relevant.
- Hospitality – Red Lobster, as a restaurant chain, operates within the hospitality industry, which is directly impacted by the restructuring.
- Real Estate – The restructuring involved strategic decisions around real estate, including renegotiating leases and closing locations.
Financials
- 545 – Number of Red Lobster restaurants retained after restructuring.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Proskauer Rose LLP | Legal Advisor | Company | International law firm providing legal services in the Red Lobster bankruptcy reorganization. |
| Red Lobster Management LLC | Target | Company | The company undergoing Chapter 11 bankruptcy and restructuring. |
| Fortress Investment Group | Bidding Company | Company | Served as lead lender, investor, and purchaser in the restructuring of Red Lobster. |
| American Bankruptcy Institute | Other | Government | Organization dedicated to research and education on insolvency, awarded the Asset Sale of the Year. |
| Charles Dale | Partner: Restructuring | People | Partner at Proskauer involved in the Red Lobster case. |
| Michael Mezzacappa | Partner: Private Credit | People | Partner at Proskauer involved in the Red Lobster case. |
| Kristian Herrmann | Partner: M&A | People | Partner at Proskauer involved in the Red Lobster case. |
| Rob Shmalo | Partner: Real Assets | People | Partner at Proskauer involved in the Red Lobster case. |
| Jorge Gonzalez | Associate: Restructuring | People | Associate at Proskauer involved in the Red Lobster case. |