Quiznos Corp. filed for pre-packaged chapter 11 protection on Friday after struggling for years with high debt and rising competition, Reuters reported on Friday. The sandwich chain said that restructuring would cut its debt by more than $400 million, and it listed liabilities of between $500 million and $1 billion in its bankruptcy petition. All except seven of its nearly 2,100 restaurants are independently owned and operated by franchisees and will not be affected by the bankruptcy. The company has received $15 million in debtor-in-possession financing from its senior lenders in order to keep functioning during its restructuring period. The case is In re The Quiznos Global LLC, U.S. Bankruptcy Court, District of Delaware, No.14-10557.
