It is understood the business was working with restructuring firm Resolve and has now exited the leases on 11 sites that the brewer and pub operator announced last October it would not be reopening due to the impact of the pandemic.
The group is now left with a total of 10 sites across the UK including in London, Edinburgh and York.
A spokesperson for Greene King said the Loch Fyne business had been 'severely impacted' by the pandemic and resulting social restrictions.
They said: “Following advice from an insolvency practitioner, a CVA was proposed to creditors, which has now been approved and will enable us to hand back to landlords a number of sites that are already closed and no longer needed within the Greene King estate.
Greene King said the process had resulted in no job losses and it was looking forward to reopening a smaller number of profitable and well-run Loch Fyne restaurants, which will continue to trade once restrictions ease.
Loch Fyne was acquired by Greene King back in 2007.