I would like to find all red text in a certain range of cells and replace every red fragment with, let's say, "ABC".

On several forums I found info that it can't be done, because Excel can do it only for full cells with certain formatting, not for formatted fragments.
However, it turned out to be even worse: I tried replacing cells formatted in red as a whole, and Excel still said it finds nothing. But if the formatting is not a color, but, say, bold, then it works.

I also found some VB macros meant to achieve a similar goal, but they were all based on the fact that either the text to be replaced or its position in the cell is known.
In my case I want to replace anything that's red, and I don't know what it can be (an initial/final/middle part of a word or a whole word) and where (at the end/beginning/in the middle of a cell) - it can be anything anywhere.
Red text can occur in a cell once or more, and I want to replace each occurrence.

I don't care what the color of the replaced text will be.

So, e.g.:
text -> texABC
text -> teABCt
text text text -> ABCext ABC text

Is there any way it can be done?