Green Bus Grants & Seafood Sales

July 23, 2024

It’s Tuesday, Orlando. We should see a mostly sunny one today, with some potential showers later in the evening. Highs will reach 95°, with lows sitting at about 75°. Here’s what’s on deck:

  • Lynx Secures $27.61M for Low-Emission Buses

  • Red Lobster's Bankruptcy Moves Forward with New Ownership

Let’s dive in.

TRANSPORTATION

Lynx Secures $27.61M for Low-Emission Buses

Image: Jim Carchidi / Orlando Business Journal

The big picture: Lynx, the Central Florida Regional Transportation Authority in Orlando, received $27.61 million from the U.S. Federal Transit Administration’s Low or No Emission Grant Program. This funding will help Lynx expand its fleet with 30 new compressed natural gas (CNG) buses.

Why it matters: This move is part of Lynx’s plan to transition to a low and zero-emission fleet by 2028, and the grant is part of a larger $1.5 billion initiative stemming from the 2021 Bipartisan Infrastructure Law aimed at modernizing transit buses across the U.S.

Key details:

  • The new CNG buses will join a fleet of 311 vehicles, which already includes 14 electric buses.

  • Lynx's service area covers over 2,500 square miles in Orange, Seminole, and Osceola counties.

  • In fiscal year 2023, Lynx facilitated over 18.42 million passenger trips.

What's next: Lynx plans to immediately procure the new buses, reducing its reliance on diesel and hybrid vehicles and furthering its path toward sustainable transportation.

BUSINESS

Red Lobster's Bankruptcy Moves Forward with New Ownership

Image: Stephen M. Dowell / Orlando Sentinel

What's happening: Orlando-based Red Lobster filed paperwork yesterday with the U.S. Bankruptcy Court in Orlando, naming RL Purchaser LLC as its new owner. The bidder, composed of the seafood chain's lenders, proposed a $376 million bid.

Why it matters: No bidders emerged by the July 18th deadline, so the auction was canceled, and the stalking horse bidder won by default. This approach aims to keep the company running smoothly and reduce costs.

Catch up: Red Lobster filed for Chapter 11 bankruptcy on May 19th, leading to nationwide restaurant closures, including six in Central Florida. The bankruptcy has also led to disputes with landlords and creditors over unpaid bills and lease terms.

The deal’s details:

  • In its current form, the deal has the buyer receiving equity in the reorganized company, as opposed to simply purchasing Red Lobster’s assets.

  • Lenders receive 60% of any awards from lawsuits.

  • Unsecured creditors get 40% from lawsuits and additional funds after lawyer payments.

Moving forward: The company’s reorganization plan aims to improve marketing and supply chain management, with an emphasis on enhancing customer experience and effectiveness.

QUICK HITS

In Other News…

Image: Boxi Park

  1. Lake Nona’s Boxi Park is set to get some new upgrades, including more volleyball courts, cabanas, and an improved dog park.

  2. Graffiti Junktion is closing its Thornton Park location on July 28th after 15+ years.

  3. SunRail will be debuting its DeLand station on August 12th, a little over a year after the $42.8 million project began.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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