Click here to close now.

Welcome!

News Feed Item

Quiznos Receives Court Approval Of DIP Financing On Interim Basis

Court Also Grants Other Orders to Support Business

DENVER, March 17, 2014 /PRNewswire/ -- Quiznos, one of the nation's premier quick-service restaurant chains and pioneer of the toasted sub, today announced that the U.S. Bankruptcy Court in Wilmington, Delaware (the "Court") granted the Company's request for certain "first day" orders that help support its business.

The Court provided interim authorization for the Company to access up to $10 million of the $15 million Debtor-in-Possession financing ("DIP") committed by its senior lenders. The new financing, combined with cash generated from the Company's ongoing operations, will be available to support the business during the restructuring process.

The Company also received interim approval to continue paying employee wages, salaries, benefits and other employee obligations.  The Court also granted Quiznos final authorization to continue honoring all current customer and franchisee programs and to pay certain pre-petition claims arising under the Perishable Agriculture Commodities Act (PACA) and under Bankruptcy Code Section 503(b)(9), as well as pre-petition claims from shippers and claims incurred in connection with post-petition delivery of goods and services.

"We are pleased with the initial progress we have made in the restructuring process," said Stuart K. Mathis, Quiznos Chief Executive Officer. "In particular, we appreciate the response we have received from our global network of franchise owners, who have demonstrated their commitment to providing Quiznos customers with fresh, high-quality and great-tasting food. We look forward to working closely with our franchisees to implement a business plan designed to further enhance the customer experience, elevate the profile of the brand and help increase sales and profits."

As previously announced, Quiznos voluntarily filed a "pre-packaged" restructuring plan under Chapter 11 of the U.S. Bankruptcy Code to enable the Company to reduce its debt by more than $400 million.  The Company's senior lenders have voted overwhelmingly in favor of the plan, which is intended to increase the Company's flexibility as it executes operational enhancements designed to strengthen performance, revitalize the Quiznos brand and reinforce its promise as a fresh, high-quality and great-tasting alternative to traditional fast food offerings. All but seven of Quiznos' nearly 2,100 restaurants are independently owned and operated by franchisees in the U.S. and 30 other countries around the world. As separate businesses, these restaurants are not a part of the Chapter 11 proceedings and are open and operating as usual. The Company expects to continue operating in the ordinary course throughout the restructuring process.

Quiznos has established a Restructuring Information Hotline for interested parties at (855) 388-4579 in North America, or internationally at (646) 795-6978. Additional information can be found on the Quiznos website at www.quiznos.com/restructuring. Court filings and information about the claims process can be found at a separate website maintained by Quiznos' claims agent, PrimeClerk, at http://cases.primeclerk.com/quiznos

Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor, Lazard Frères & Co. LLC is serving as financial advisor and Alvarez & Marsal is serving as restructuring advisor to Quiznos.

ABOUT QUIZNOS

Denver‐based Quiznos is a chain designed for today's busy consumers who are looking for a high quality, tasty, freshly prepared alternative to traditional fast‐food restaurants. With locations in 50 states and 30 countries, Quiznos is one of the world's premier quick‐service restaurant chains and pioneer of the toasted sandwich; Quiznos restaurants offer creative, chef‐created sandwiches and salads using premium ingredients. Quiznos was founded in 1981 by chefs who discovered that toasting brought out the best in every sandwich ingredient.  For more information, please visit www.quiznos.com

Contacts:

Elizabeth Sapp
Quiznos
(720) 359-3390

Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

SOURCE Quiznos

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York