Quiznos Sets Debt Restructure

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By Douglas A. McIntyre Published
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The small chain restaurant business become more difficult every day. Bennigans is trying to rebuild a business which went into Chapter 11. A&W group was sold by Yum! Brands because it is no longer growing.

All of the modest chains face competition from McDonald’s (NYSE: MCD) which reported record earnings, Yum!, which owns KFC, and Subway, which claims it has more locations worldwide than any other fast food operations.

Quiznos has set a deal to restructure its debt, although this many not improve its prospects. Ownership of the company will move to Avenue Capital Group as part of the deal

The WSJ reports that

All told, the restructuring cuts Quiznos’s more than $870 million debt by about $300 million.

 

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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