Quiznos Close to Deal to Restructure Debt

U.S. sandwich chain Quiznos, which is struggling with slumping sales and a recent violation of debt terms, is close to a deal to restructure its roughly $870 million of debt, Reuters wrote Thursday, citing the Wall Street Journal. The company is owned by firms CCMP Capital Advisors and Consumer Capital Partners. However, as part of the tentative deal, hedge fund Avenue Capital would convert its debt to equity and invest cash in Quiznos, giving Avenue more than a 70% ownership stake in the chain, Reuters wrote.

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