Chapter 11 bankruptcy petition for Quiznos Global LLC shows the chain has about $50,000 in assets and from $500 million to $1 billion in liabilities.
What a mess! The Quiznos details emerge:
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. Bank listed 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.
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