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

Seafood restaurant chain Red Lobster has exited Chapter 11 bankruptcy restructuring after completion of its acquisition by RL Investor Holdings.

Red Lobster CEO Damola Adamolekun said Fortress Investment Group's acquisition begins a new chapter for the brand, which filed for bankruptcy in May.

Damola Adamolekun now heads up the chain, and its parent company has committed to investing $60 million in improvements

Seafood chain Red Lobster has exited Chapter 11 restructuring after approval for a $375 million acquisition by RL Investor Holdings and with a new CEO at the helm.

Red Lobster, known for its affordable seafood and cheddary biscuits, has exited Chapter 11 bankruptcy protection. A U.S. bankruptcy judge approved the casual seafood chain’s reorganization plan earlier this month,