Casual seafood dining chain Red Lobster has filed for bankruptcy protection. Red Lobster management intends to use the bankruptcy proceedings to improve operations and close some locations. It plans to sell its business to an entity formed and controlled by its existing lenders. Red Lobster’s restaurants will remain open and operating as usual during the Chapter 11 process, the company says. The company said its estimated liabilities were between $1 billion to $10 billion, according to Axios. The company said it has received a $100 million financing commitment from its existing lenders to fund…