Quiznos franchisees said Thursday they were eager to see resolution of a reported debt restructuring deal that would bring in new ownership for the beleaguered sandwich chain.
The Wall Street Journal reported Thursday that Quiznos’ largest lender is driving a plan to cut the chain’s more than $870 million debt load by about $281 million in a debt-for-equity swap with hedge fund Avenue Capital Group.
If approved by other creditors, the deal would give Avenue Capital a more than 70-percent ownership stake in the chain. The hedge fund is controlled by billionaire Marc Lasry, according to the report. Read more.