Quiznos Dodges Ch. 11 With Restructuring Deal

Law360, New York (January 25, 2012, 5:25 PM EST) -- Sandwich chain Quiznos said Tuesday that it will not file for bankruptcy, thanks to a debt restructuring deal with lenders that will transfer majority ownership of the business to private equity firm Avenue Capital Group.

The agreement eliminates a third — about $300 million — of Quiznos' outstanding debt, and provides an infusion of $150 million in new equity from Avenue Capital.

"Improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer...
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