Restaurant chain Red Lobster has claimed it is not going out of business, seeking to clarify its recent move to file for bankruptcy this week.

The seafood chain filed for bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida on Sunday and said it would pursue a sale of all assets. In a new statement released Tuesday, Red Lobster argued the word bankruptcy is a “misunderstood” word and offered to clarify the chain’s situation.

“Filing for bankruptcy does not mean we are going out of business,” the statement said. “In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”

Red Lobster also cited how brands including Delta Air Lines and the car rental company Hertz have filed for bankruptcy and are now in a better financial position than when they filed. The company concluded filing for bankruptcy can “write a new chapter” with the chain.

The restaurant chain, known for its seafood offerings and cheddar cheese biscuits, opened its first location in Lakeland, Florida, in 1968 and went under the ownership of General Mills shortly after. The chain was later spun off with the rest of General Mills’s restaurant division as part of Darden Restaurants in 1995, with Red Lobster splitting from Darden in 2014.

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The chain’s filings have said it had entered a “stalking horse purchase agreement,” which would move forward the sale of the company to a business owned and operated by its lenders. Court filings revealed that the company has more than $1 billion in debt compared to $30 million in cash on hand.

Prior to filing for bankruptcy, Red Lobster closed over 50 of its restaurants, some of which are based in major United States cities such as Denver, Colorado, and Myrtle Beach, South Carolina. TAGeX Brands auctioned off these various locations.