Financially challenged seafood chain Red Lobster may be getting closer to emerging from bankruptcy. Fortress Investment Group has formed RL Investor Holdings, a company that would like to acquire the chain from Red Lobster Management.

As part of its efforts to acquire Red Lobster, RL Investor Holdings has tapped Damola Adamolekun to serve as the restaurant chain’s next CEO. All of this is subject to approval by the bankruptcy court, per a company release.

When it emerges from bankruptcy, Fortress intends for Red Lobster to continue to operate as an independent restaurant.

Adamolekun is no stranger to the restaurant industry, having served as CEO of P.F. Chang’s. He’s also served as a partner at Paulson & Co., a New York-based investment firm. Adamolekun’s background also includes working in the Investment Banking Division of Goldman Sachs and with TPG Capital.

The news of Adamolekun’s hiring comes amid various published reports that Red Lobster plans to close another 23 locations across 15 states.

Toward the end of May 2024, Red Lobster voluntarily filed for Chapter 11 bankruptcy. Then in July, it was announced that Fortress would seek to buy Red Lobster for $375 million. Fortress owns several other restaurant concepts, including Krystal and Logan’s Roadhouse.