Bloomberg reported that Quiznos Corp., the Denver-based toasted-sandwich chain that entered bankruptcy in March, received court approval of a recovery plan that cuts debt by more than $400 million.
The Bloomberg article states U.S. Bankruptcy Judge Peter Walsh approved the plan in Wilmington, Delaware. First-lien lenders owed $445 million, including Oaktree Capital Management LP, MSD Capital LP and Caspian Capital LP, will get 70 percent of the new stock plus new debt, according to court papers. Remaining stock will go to second-lien lenders owed $174 million.
Click here to view the entire story on Bloomberg.
Click here to view Quizno's press release on the matter.