DENVER BUSINESS JOURNAL - The voluntary Chapter 11 bankruptcy petition that Quiznos Global LLC filed Friday shows Quiznos has as much as $50,000 in assets and from $500 million to $1 billion in liabilities. Quiznos checked the box on the petition indicating the company has from 10,001 to 25,000 creditors.
Quiznos included in its filing a list of the 35 largest unsecured creditors, with U.S. Banklisted as being owed $173.8 million. But the bank said it's merely the agent for the collateralized debt obligation and isn't owed any money by Quiznos.
Quiznos owes three other companies more than $1 million.
Horizon Media Inc., an advertising agency in New York, has an unsecured claim for $3.67 million. MG-1005 LLC, the Denver company that previously owned the downtown building where Quiznos has its headquarters, is owed $3.62 million. Maple Leaf Bakery Inc., of Des Plaines, Ill., has an unsecured claim for $1.65 million.
The Wall Street Journal reported the senior creditors would receive all of the equity in Quiznos in exchange for $444 million in debt. They also would receive $200 million in new debt. Unsecured creditors would receive some of the equity, plus a share of any proceeds from a lawsuit revolving around the company's 2012 restructuring.
Read the full report in the Denver Business Journal: http://bit.ly/1kXoXIT.