Quiznos: On March 14, 2014, Quiznos filed for Chapter 11 Bankruptcy. Quiznos said it would continue operating while it restructured its debt and made operational improvements. Quiznos emerged from bankruptcy approximately four months later on June 30, 2014, and reduced its debt by about $400 million.
Sbarro: On March 10, 2014, the chain again filed for chapter 11 bankruptcy. Sbarro announced on June 3, 2014 that they exited bankruptcy protection on June 2 based on a reorganization plan that was approved by the court on May 19. As part of that plan, the company will move their headquarters from Melville, New York to Columbus, Ohio.
Loehmann’s: By the end of February 2011, Loehmann’s emerged from bankruptcy protection. New York-based Loehmann’s said it secured $45 million in financing while saying its restructuring eliminated $110 million in long-term bond debt, $14 million in interests and included $23 million in other cost reductions.
Cengage Learning Inc. (“Cengage”), a textbook-publishing company based in Stamford, Connecticut, with 5,500 employees, grabbed the brass ring for the largest public-company bankruptcy filing of 2013. Cengage filed for chapter 11 protection on July 2, 2013, in New York with $7.5 billion in assets. The filing was part of a restructuring agreement with lenders that will eliminate approximately $4 billion of its $5.8 billion in debt, much of it incurred in connection with the 2007 acquisition of Cengage by a partnership led by private equity company Apax Partners LLP.
In 2002, Exide (Milton, Georgia-based lead-acid battery manufacturer Exide Technologies (“Exide”)) filed a chapter 11 case to deal with $2.5 billion in acquisition debt. Its confirmed chapter 11 plan in that case eliminated $1.3 billion in debt.