Feb. 3, 2012 -
PRLog -- DENVER, Jan. 24, 2012 /PRNewswire via COMTEX/ -- Quiznos, one of the nation's premier quick-service restaurant chains and pioneer of the toasted sandwich, today announced that the Company has successfully completed its previously announced financial restructuring on an out-of-court basis. The agreement eliminates one-third - or approximately $300 million - of the company's outstanding debt, and provides a significant infusion of $150 million in new equity from Avenue Capital Group, a global investment firm, to position Quiznos for future growth.
"Improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer experience,"
said Greg MacDonald, Quiznos Chief Executive Officer. "We look forward to working alongside the Avenue Capital Group team and appreciate the support of all of our lenders during this restructuring process. Along with our dedicated franchise owners and employees, we can now focus primarily on the customer experience and our fresh, high-quality products. This is an exciting time for all of us here."
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