Quiznos said Tuesday it has successfully completed a previously announced financial restructuring, sidestepping bankruptcy and shifting ownership to Avenue Capital Group in a debt-for-equity swap. The restructuring deal, which closed Monday, eliminated about one-third, or $300 million, of the company’s estimated $870 million in outstanding debt, the company said. In addition, Avenue Capital, a New York-based hedge fund headed by Marc Lasry, injected $150 million in new equity into the ...
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Contact: Desiree Torres Desiree.Torres@penton.com