Aug 26 (Reuters) - Damola Adamolekun, former CEO of P.F.

Chang's, will take the helm at Red Lobster after a court

approval of the restaurant chain's bankruptcy plan, investment

management firm Fortress said on Monday.

Lenders, including Fortress Investment Group, are seeking

approval for RL Investor Holdings, a newly formed entity, to

acquire Red Lobster out of bankruptcy.

Adamolekun, who stepped down from his role as the boss of

restaurant chain P.F. Chang's in 2023, will become the CEO of RL

Investor, Fortress said.

Red Lobster filed for bankruptcy in Florida in May with

about $300 million in debt and a plan to close some restaurants

and sell itself to its lenders or a higher bidder.

Red Lobster would continue to operate as an independent

company, with 544 locations across 44 states in the U.S. and

four Canadian provinces, Fortress said.