Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Food & Staples Retailing

QCE Finance Disclosure Statement Approved, Plan Confirmed

The U.S. Bankruptcy Court approved QCE Finance’s (Quiznos) Disclosure Statement and concurrently confirmed its Joint Prepackaged Plan of Reorganization. Under the Plan, second lien debt is treated as unsecured with its holders entitled to share in potential litigation proceeds against certain of prior Company managers, directors and owners. Under the Plan, first lien lenders receive pro rata shares of an amended $200 million first-lien credit facility as well as 100% of the reorganized company’s equity (subject to dilution). This privately-held quick service restaurant chain filed for Chapter 11 protection on March 14, 2014, listing more than $500,000 in pre-petition assets.

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