Red Lobster Canada will ask an Ontario court next week to recognize a stalking horse bid from its lenders and approve a sales process for its assets.
Court filings made on behalf of the beleaguered seafood chain's Canadian operations say the matter will be heard by the Superior Court of Justice on June 18, as long as a U.S. court approves the sales process before then.
The filings say the steps are meant to preserve Red Lobster's business in Canada.
The documents say the stalking horse bid will give lenders a chance to sell the company's assets in a way that preserves and maximizes their value and helps them avoid the risk of assets being sold for a lower price.
The court documents say the bid will be "market-tested" to ensure the company nabs the highest or otherwise best offer, or combination of offers, for the Red Lobster business as a whole or its assets.
A lawyer representing Red Lobster Canada declined to comment further on the matter.
Red Lobster has 2,000 employees working at 27 locations in Canada, while the U.S. is home to 550 of the chain's restaurants. Florida-based Red Lobster Management LLC shuttered dozens of locations in the U.S. recently and filed for Chapter 11 bankruptcy protection, which a Canadian court agreed to recognize last month.
This report by The Canadian Press was first published June 14, 2024.
Luis Armando Albino was six years old in 1951 when he was abducted while playing at an Oakland, Calif., park. Now, more than seven decades later, Albino has been found thanks to help from an online ancestry test, old photos and newspaper clippings.
The prime minister's official itinerary says the interview will be shot during his trip to New York, where he is meeting with other world leaders ahead of the 78th gathering of the United Nations General Assembly.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
Prime Minister Justin Trudeau told delegates at the United Nations the world is at a global inflection point, having a choice between walking away from multilateralism or setting differences aside to confront serious global challenges.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
Comedian John Mulaney and actor Olivia Munn now have a second child, a daughter named Mei June Mulaney.
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The Royal Canadian Mint has introduced its latest Gold Maple Leaf bullion coin – made entirely from gold sourced from a single mine in northern Ontario
The Royal Canadian Mint has introduced its latest Gold Maple Leaf bullion coin – made entirely from gold sourced from a single mine in northern Ontario
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The City of Calgary ended water restrictions for the city at a Sunday morning update.
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An explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
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In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
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The prime minister's official itinerary says the interview will be shot during his trip to New York, where he is meeting with other world leaders ahead of the 78th gathering of the United Nations General Assembly.
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Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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Tim Burton's legacy sequel to the 1988 horror comedy topped the North American box office charts for a third
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The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
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More than 2,200 zoo professionals from 23 different countries have gathered in Calgary for the annual Association of Zoos and Aquariums conference.
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After Sunday's loss, the White Sox are 36-120 with six regular-season games to go in 2024.
The Winnipeg Blue Bombers have a nickname for the opposition’s end zone. They refer to it as the “chicken box.â€
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Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
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An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
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The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
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Nick Kolomyja reckons axe throwing may have saved his life.
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It's been one year since Michael Andlauer took over ownership of the Ottawa Senators and on Saturday, he spoke for the first time about the tentative deal for a new arena at LeBreton Flats.
Provincial police (SQ) are looking for 29-year-old Kelsey Watt, who went missing in Hemmingford, Que.
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Â鶹´«Ã½ Montreal at Six for Sunday, Sept. 22, 2024 with anchor Matt Gilmour.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
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Edmonton Oilers head coach Kris Knoblauch was happy with his team’s start to exhibition play, especially considering not a single player in his lineup on Sunday played with the club during its lengthy recent playoff run.
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The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
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Prime Minister Justin Trudeau told delegates at the United Nations the world is at a global inflection point, having a choice between walking away from multilateralism or setting differences aside to confront serious global challenges.
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The most popular hockey podcasters on the planet brought some major attention to the Forest City this weekend with the annual Chiclets Cup.
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A year after being recognized as one of 19 ‘Bee Campuses’ by Bee City Canada, Georgian College continues to promote the importance of bees to agriculture, the economy and education.
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The Amherstburg Uncommon Festival is living up to its name with the addition of a drone light show — a first for Essex County.
Work crews have been busy in the British Columbia legislature over the summer, prying apart desks in the historic chamber and piling them up in hallways as they tried to work out how to fit in six more seats.
The two top contenders in British Columbia's provincial election dove deep into the various issues plaguing the Metro Vancouver area on Sunday, in some cases hearing directly from those most affected.
A Victoria woman is now $1 million richer after winning a Maxmillions prize on a recent Lotto Max Draw.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
The Royal Canadian Mint has introduced its latest Gold Maple Leaf bullion coin – made entirely from gold sourced from a single mine in northern Ontario
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph’s General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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