DUBLIN, Ohio — 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.
Wendy’s Files For Declaratory Judgment Against Some Noteholders
October 12, 2006 by Mark | 0 Comments