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.
Quiznos Franchisees Want Debt Deal Closure
December 23, 2011 by Cris | 0 Comments