Quiznos Corp., the Denver-based toasted-sandwich chain that entered bankruptcy in March, received court approval of a recovery plan that cuts debt by more than $400 million, Bloomberg News reported yesterday. First-lien lenders owed $445 million, including Oaktree Capital Management LP, MSD Capital LP and Caspian Capital LP, will get 70 percent of the new stock plus new debt, according to court papers. Remaining stock will go to second-lien lenders owed $174 million. Quiznos, founded in 1981, negotiated the plan with most of its senior lenders before seeking court protection on March 14, citing a weak job market and greater competition among fast-food restaurants. Quiznos franchisees operate about 2,100 restaurants in all 50 U.S. states and 34 countries, according to its website.
