Court approves Quiznos reorganization plan
DENVER (AP) — Quiznos, which filed for bankruptcy protection in March, says that the court has confirmed its plan of reorganization.
The Denver-based sandwich chain filed for Chapter 11 bankruptcy protection to reduce its debt after losing ground to competitors.
The company's restructuring plan, which includes cutting its debt by more than $400 million and increasing its financial flexibility, had already been approved by its creditors when it filed for bankruptcy.
Quiznos said Monday that the U.S. Bankruptcy Court in Delaware confirmed the company's plan. The company said it is nearing the completion of its financial restructuring process.
The company only owns and operates seven of the nearly 2,100 Quiznos restaurants nationwide. The rest are operated by franchisees and aren't part of the bankruptcy proceedings.