Sandwich chain Quiznos will provide unsecured creditors a $2 million cash recovery, according to a newly filed chapter 11 plan, a better deal for the group that had at first been offered a choice between a small amount of equity or some potential litigation proceeds, Dow Jones Daily Bankruptcy Review reported today. This pool of money is being contributed half from Quiznos and half from Fortress Investment Group, which currently owns Quiznos, along with Avenue Capital Group. This revision to the plan comes after unsecured creditors successfully delayed a hearing on confirmation of the plan from April to today as they negotiated with Quiznos.
