KKTV - Economy - Headlines

Quiznos Eyes Possible Ch. 11 Bankruptcy Protection

By: AP
By: AP

DENVER (AP) -- Quiznos says a majority of its creditors have agreed to a plan by the restaurant chain to restructure or pay off some $650 million in debt, but it may yet file for Chapter 11 bankruptcy protection.

The plan outlined Friday calls for one of Quiznos' major creditors, investment firm Avenue Capital, to invest $150 million of new equity capital into the chain.

The investment would be made up of equity and the conversion of debt to equity, and would make Avenue Capital majority owner of the Denver-based company.

The plan would eliminate nearly one-third of Quiznos' debt and provide it with $75 million to continue operating.

Quiznos says it will only file for bankruptcy if it fails to reach restructuring deals with all of its creditors.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 136165873 - kktv.com/a?a=136165873