The restaurant chain Red Lobster announced Monday the company exited Chapter 11 bankruptcy and has a new chief executive officer, Damola Adamolekun. Adamolekun, 35, said in a statement the restaurant is now "stronger" and "more resilient" as the company gears up for "the start of a new chapter,

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Red Lobster, the seafood chain known for its endless shrimp deals and cheddar bay biscuits, has emerged from Chapter 11 bankruptcy, according to the company. A U.S. bankruptcy judge approved the motion at the beginning of the month, just four months after the company first filed for bankruptcy protection looking to sell the company.

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

The Red Lobster restaurant chain seemed on the verge of permanently shutting down, but after filing bankruptcy, the brand is returning with a new CEO.

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.