DUBLIN, Ohio â€” Less than two weeks after a U.S. court denied a noteholder motion to block the spinout of Tim Hortons Inc., former parent Wendy’s International Inc. has filed for a declaratory judgment against debtholders who still claim the spinout violated their debt agreements.
The Ohio-based burger giant said Wednesday the move was related to a Sept. 28 decision by U.S. Judge Victor Marrero, who quashed a last-minute attempt by a group of Wendy’s debtholders to block the planned spinoff during a district court hearing in New York City.
The following day, Wendy’s completed the spinoff by distributing its remaining 82.75 per cent stake in Tim Hortons to its shareholders through a special dividend.
The company had previously sold 17.25 per cent of the iconic coffee chain through an initial public offering in March.
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