Daily News: May 13, 2014

Bloomberg: Court Approves Quiznos Recovery Plan

Bloomberg reported that Quiznos received court approval of a recovery plan that cuts debt by more than $400 million.

Bloomberg said, according to court documents, a bankruptcy court judge approved a plan that will allow the first-lien lenders that are owed $445 million, to get 70% of the new stock plus new debt. The remaining stock will go to second-lien lenders owed $174 million.

To read the entire Bloomberg story,WSJ: Quiznos Delays Chapter 11 Exit, April 11, 2014