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Quiznos files for Chapter 11 bankruptcy protection
Posted on 3/14/14 at 3:06 pm
Posted on 3/14/14 at 3:06 pm
quote:
Sandwich chain Quiznos filed for Chapter 11 bankruptcy protection Friday, after reaching a deal to cut its debt by more than $400 million, or about two-thirds.
Quiznos said it would continue operating while it works to implement a debt-restructuring plan and make operational improvements.
"The actions we are taking are intended to enable Quiznos to reduce our debt, execute a comprehensive plan to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits for our franchise owners," Stuart K. Mathis, Quiznos' chief executive, said Friday in a news release.
Court papers show that under the restructuring plan, Quiznos' senior lenders would trade more than $444 million in debt for all of the equity in the restaurant chain, subject to dilution.
The lenders, which have offered $15 million to finance the company's restructuring, also would get $200 million in new debt under the so-called prepackaged bankruptcy plan.
Court papers show about 61% of Quiznos' senior lenders have agreed to support the plan, as have 99% of its junior lenders, owed $173.8 million. Such plans allow for speedier and cheaper Chapter 11 proceedings.
Wall Street Journal
I do like me some Quiznos, I have to say.
26
Posted on 3/14/14 at 3:07 pm to Augustus
Subway: eat fresh
Posted on 3/14/14 at 3:07 pm to Augustus
Subway going in raw
Posted on 3/14/14 at 3:08 pm to Augustus
Firehouse is where it's at
Posted on 3/14/14 at 3:08 pm to Augustus
Food & Drink board
Posted on 3/14/14 at 3:08 pm to Augustus
I used to get the steakhouse beef dip there all the time. I can't find any in Louisiana anymore.
Posted on 3/14/14 at 3:12 pm to Augustus
Subway and Quiznos both suck.
Which Wich and Potbelly are much better. Firehouse Subs too.
Which Wich and Potbelly are much better. Firehouse Subs too.
Posted on 3/14/14 at 3:14 pm to TigerCub
quote:
Firehouse is where it's at
This.
Posted on 3/14/14 at 3:15 pm to Augustus
quote:
trade more than $444 million in debt for all of the equity in the restaurant chain
Posted on 3/14/14 at 3:20 pm to Augustus
This is crazy to me, Quiznos is good as shite. I think they are much better tasting than Subway and only a buck or two more expensive.
Posted on 3/14/14 at 3:22 pm to MrTwoBits
quote:
I think they are much better tasting than Subway
Easily
Posted on 3/14/14 at 3:40 pm to MrTwoBits
They really do have good-tasting subs, but their marketing was/is terrible.
Posted on 3/14/14 at 3:43 pm to tylercsbn9
quote:
Which Wich and Potbelly are much better. Firehouse Subs too.
Posted on 3/14/14 at 3:45 pm to Dr Rosenrosen
Posted on 3/14/14 at 3:46 pm to Augustus
Good, I never have liked Jizznos...
Posted on 3/14/14 at 3:47 pm to Augustus
I'd go eat there one last time if they bring back the spongemonkeys.
Posted on 3/14/14 at 3:47 pm to tylercsbn9
Good God, that is an awful commercial. They deserved to go Ch. 11. That looks like something from SNL.
Posted on 3/14/14 at 3:48 pm to Augustus
Used to love some Quiznos. Blows my mind that a shitty restaurant like subway is now the largest franchise in the world, but Quiznos can't make ends meet.
Posted on 3/14/14 at 3:52 pm to Augustus
Quiznos > Subway and it's not even close. How does subway do it?
Posted on 3/14/14 at 3:58 pm to Augustus
The prime rib Sammie was one of my favorites.
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