Quiznos announced its senior lenders voted overwhelmingly in favor of a “pre-packaged” restructuring plan that will reduce the company’s debt by more than $400 million. The plan is intended to increase the company’s flexibility as it executes operational enhancements designed to strengthen performance and revitalize the Quiznos brand.

In order to implement the pre-packaged plan, the company voluntarily filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Wilmington, DE.

According to bankruptcy court documents, the first lien lender group is led by Goldman Sachs Credit Partners, as administrative agent. Also shown as administrative agent for the second lien lender group is U.S. Bank.

In conjunction with the restructuring plan, Quiznos said it received a commitment for $15 million in DIP financing from its senior lenders, which will be available to support its ongoing operations during the Chapter 11 proceedings.