Seeking to stave off creditors to whom it owes nearly $600 million, Quiznos, a sandwich chain that peaked in popularity in 2008 with its toasted subs, is now seeking to restructure its debt load for the second time in as many years.
The Denver-based chain recently missed a payment on a loan, hired bankers and lawyers and began negotiations to restructure some or all of its debt, according to a report in the Wall Street Journal.
Buying for time
The negotiations with creditors are designed to provide Quiznos a valuable commodity: time. Quiznos Chief Executive Stuart Mathis is using the time to work out a new forbearance agreement with creditors,...
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