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

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

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.

Red Lobster completes Chapter 11 exit and acquisition by RL Investor Holdings LLC, poised for growth with $60 million investment plan.