Quiznos Plan of Reorganization Confirmed by Court
DENVER, May 12, 2014 /PRNewswire/ -- Quiznos, one of North America'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") confirmed the Company's prepackaged plan of reorganization.
"We are pleased to have reached this important milestone and look forward to completing the financial restructuring process, which has created a stronger foundation for us to execute our comprehensive strategic plan," said Stuart K. Mathis, Quiznos Chief Executive Officer. "As we near the completion of the court-supervised process, we are looking forward to implementing initiatives to enhance the customer experience, elevate our brand and increase sales and profitability for our franchise owners. I want to thank our franchisees for their continued support throughout this process and our employees for their efforts. I also want to thank our vendors for their cooperation throughout this process. We look forward to continuing to provide our customers with high-quality menu offerings and superior service."
The prepackaged restructuring plan that has been confirmed by the Court 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.
Mr. Mathis added, "We thank our senior lenders, as well as the committee representing our general unsecured creditors and their advisors, who worked with us constructively to position us to complete our financial restructuring in an expedited manner."
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 Freres & Co. LLC is serving as financial advisor and Alvarez & Marsal is serving as restructuring advisor to 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.
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