Case Detail Red indicates public company Debtor Name: QCE Finance LLC SEC Filing Number: Petition Date: 3/14/2014 Jurisdiction: United States Bankruptcy Court / District of Delaware Asset Size: 500,000,001 to 1 Billion Case Number: 1410543 Restaurant, Industry: Food & Beverage Liability Size: 500,000,001 to 1 Billion Debtor Location: COLORADO Number of Creditors: 10,001 to 25,000 Signing Counsel: Akin Gump Strauss Hauer & Feld LLP Counsel Phone: 2128721000 Filing Judge: Walsh Document: View Petition Extended Case Detail Download as PDF Exact Street Address 1001 17th Street, Suite 200 Denver, Colorado 80202 Website http://www.quiznos.com/home.as Tax ID 454287897 DBA Names QCE Parent LLC Industry Description Quickservice restaurant chain. 2100 restaurants in 30 countries. The restaurants are not part of the Chapter 11 proceedings. Organizational Chart View Chart Reason Cited for Filing Poor operational performance and brand deterioration after leveraged buyout in 2006; general economic downturn; increased competition; "detrimental" conduct by prior management. Number of Employees 425 374 active full time employees, all employed by QCE LLC and 51 part time employees. Notes This is a prepack case. Financial Information Assets $711,000,000 Revenue Fiscal Year $235,900,000 2013 Assets derived from balance sheet on page 242 of Disclosure Statement. The Debtors operate through two primary business segments: franchising, including food and supply distribution, and the companyowned restaurants. In 2013, the Debtors generated $636.4 million of global systemwide sales resulting in total revenue of $235.9 million, approximately 17 % of which was derived from franchise operations and Notes approximately 74 % of which was generated from food distribution. The Debtors remaining revenue (or approximately 9 %) was generated from sales at the companyowned restaurants. As of Petition date, the Debtors total principal outstanding indebtedness under the First Lien Credit Agreement and Second Lien Credit Agreement was $618,523,773.15 plus accrued and unpaid interest. In addition, the total principal amount outstanding under the Marketing Fund Trusts Credit Agreement was $7,351,872.27 plus accrued and unpaid interest. Affiliate Debtors Affiliate Name Case Number Date Filed Notes American Food Distributors LLC 1 4 1 0 5 4 4 3 / 1 4 / 2 0 1 4 National Marketing Fund Trust 1 4 1 0 5 4 5 3 / 1 4 / 2 0 1 4 QAFT, Inc. 1 4 1 0 5 4 6 3 / 1 4 / 2 0 1 4 QCE LLC 1 4 1 0 5 4 7 3 / 1 4 / 2 0 1 4 QFA Royalties LLC 1 4 1 0 5 4 8 3 / 1 4 / 2 0 1 4 The Quizno's Master LLC 1 4 1 0 5 4 9 3 / 1 4 / 2 0 1 4 QIP Holder LLC 1 4 1 0 5 5 0 3 / 1 4 / 2 0 1 4 Q u i z C A N L L C 1 4 1 0 5 5 1 3 / 1 4 / 2 0 1 4 Restaurant Realty LLC 1 4 1 0 5 5 2 3 / 1 4 / 2 0 1 4 The Regional Advertising Program Trust 1 4 1 0 5 5 3 3 / 1 4 / 2 0 1 4 The Quizno's Operating Company LLC 1 4 1 0 5 5 4 3 / 1 4 / 2 0 1 4 TQSC II LLC 1 4 1 0 5 5 5 3 / 1 4 / 2 0 1 4 Quiznos Canada Holding LLC 1 4 1 0 5 5 6 3 / 1 4 / 2 0 1 4 Quiznos Global LLC 1 4 1 0 5 5 7 3 / 1 4 / 2 0 1 4 Debtor Retention Firm Role Rate Description Counsel Partners Rate Notes Akin Gump $ 6 1 5 . 0 0 Strauss Hauer & $1,220.00 per hour Feld LLP Akin Gump $ 5 2 0 . 0 0 Strauss Counsel Counsel $925.00 per Hauer & hour Feld LLP Akin Gump $ 3 5 5 . 0 0 Strauss Counsel Associates $675.00 per Hauer & hour Feld LLP Akin Gump $ 1 5 5 . 0 0 Strauss Counsel Paraprofessionals $345.00 per Hauer & hour Feld LLP Richards, Layton & $ 5 6 0 . 0 0 Counsel Partners Finger, P.A. $800.00 per C o Counsel hour Richards, $490.00 per Layton & Counsel Counsel C o Counsel hour Finger, P.A. Richards, Layton & $ 2 5 0 . 0 0 Counsel Associates Finger, P.A. $465.00 per C o Counsel hour Richards, $225.00 per Layton & Counsel Paraprofessionals C o Counsel hour Finger, P.A. Alvarez & Marsal North $ 4 7 5 . 0 0 Consultant Managing Directors/Directors America, $875.00 per hour L L C Alvarez & Marsal North $ 2 7 5 . 0 0 Consultant Consultants/Associates/Analysts America, $475.00 per hour L L C A&M has agreed to defer the $75,000 value fee (the "Value Fee") owed under the Alvarez & Prior Engagement Letter until the earlier of: (a) confirmation of a plan of Marsal North reorganization; (b) the sale of substantially all the Debtors' assets; or (c) A&M's Consultant Value Fee $75,000.00 completion and/or termination of engagement by the Debtors. The Value Fee, America, which is deemed to be in consideration of the services provided under the L L C Engagement Letter and the Prior Engagement Letter, is subject to the CEO's and Court's respective approvals. The Debtors shall pay Lazard a Monthly Fee of $100,000, commencing on March 22, 2014 and continuing on the 22nd day of each month thereafter until the earlier of the completion of the Restructuring or the termination of Lazard's engagement pursuant to Section 10 of the Engagement Letter. $50,000 of the Lazard Investment Freres & $100,000.00 monthly fees paid to Lazard pursuant to the Prior Engagement and 50% of all per month Monthly Fees paid pursuant to the Engagement Letter shall be credited (without Monthly Fee Banker C o . L L C duplication) against any Restructuring Fee, Sale Transaction Fee, Minority Sale Transaction Fee, or Financing Fee; provided, that, in the event of a chapter 11 filing, such credit shall only apply to the extent that such fees are approved in their entirety by the Bankruptcy Court. The Debtors shall pay Lazard a Restructuring Fee equal to 0.75% of the Existing Obligations involved in such Restructuring, which fee shall not be less than $2,500,000; provided, however, that if a Restructuring is to be completed through a Pre Pack, the Restructuring Fee shall be $3,000,000. The Restructuring Fee shall be payable upon consummation of the Restructuring; Lazard Investment Freres & provided, however, that in the event of a Pre Pack, and only if all of the Restructuring Fee Banker investment bankers advising the Debtor's first and second lien lenders agree to, C o . L L C and are paid in accordance with, a substantially similar payment schedule with respect to any restructuring, deferred, success or similar fee, then 50% of the Restructuring Fee (the "Deferred Restructuring Fee") shall be payable in equal monthly installments over the first sixth months immediately following the consummation of the Pre P a c k . If, whether in connection with the consummation of a Restructuring or otherwise, the Debtors consummate a Sale Transaction incorporating all or a majority of the Lazard assets or all or a majority or controlling interest in the equity securities of the Investment Freres & C o . L L C Sale Transaction Fee Banker Debtors, Lazard shall be paid a Sale Transaction Fee equal to the greater of (i) the fee calculated based on the Aggregate Consideration as set forth in Schedule I to the Engagement Letter and (ii) $3,000,000. Any Sale Transaction Fee shall be payable upon consummation of the applicable Sale Transaction. The Debtors shall pay Lazard a Minority Sale Transaction Fee if, whether in connection with the consummation of a Restructuring or otherwise, the Debtors consummate a Sale Transaction that does not include all or a majority of the Debtors' assets (or all, a majority or controlling interest in the equity securities Lazard Investment of the Debtors). The Minority Sale Transaction Fee shall be based on the Freres & Minority Sale Transaction Fee Banker Aggregate Consideration, calculated in accordance with Schedule I to the C o . L L C Engagement Letter. One half of any Minority Sale Transaction Fee paid shall be credited (without duplication) against any subsequently payable Restructuring Fee or Sale Transaction Fee. Any Minority Sale Transaction Fee shall be payable upon consummation of the applicable minority Sale Transaction. The Debtors shall pay Lazard a Financing Fee upon consummation of a Financing Lazard Investment in accordance with Schedule II to the Engagement Letter. One half of any Freres & Financing Fee Banker Financing Fee(s) paid shall be credited (without duplication) against any C o . L L C subsequently payable Restructuring Fee or Sale Transaction Fee. Prime Claims C l e r k L L C Administrator $195.00 per Prime Claims C l e r k L L C Administrator Prime Claims C l e r k L L C Administrator Prime Claims C l e r k L L C Administrator Prime Claims C l e r k L L C Administrator Prime Claims C l e r k L L C Administrator Prime Claims C l e r k L L C Administrator Senior Case Manager hour $175.00 per Case Manager hour $130.00 per Analyst hour $110.00 per Technology Consultant hour $45.00 per Clerk hour $225.00 per Director of Solicitation hour $200.00 per Solicitation Analyst hour Top Unsecured Creditors Creditor Name Nature of Claim Amount of Claim Phone Fax Email Address Notes As administrative agent and U.S. Bank National Association, as $ 1 7 3 , 8 2 8 , 6 8 6 . 2 3 administrative agent U.S. Bank Corporate Trust Services 214 collateral agent under the North Tryon Street, 26th floor Charlotte, Debtors' second lien financing NC 28202 Attn: Scott D. DeRoss facility. Claim plus accrued and Second Lien Credit Agreement and collateral agent unpaid interest. 630 Third Avenue New York, NY 10017 Horizon Media Inc. Trade Payable $ 3 , 6 7 7 , 7 3 0 . 0 0 Attn: Bill Koenigsberg, CEO Subordinated M G 1 0 0 5 , L L C Unsecured 4643 South Ulster Street, Suite 1500 $ 3 , 6 2 5 , 0 0 0 . 0 0 Promissory Note Denver, CO 80237 Attn: Paul Hogan, Contingent Member 1101 East Touhy Avenue, #500 Des Maple Leaf Bakery lnc. Trade Payable $ 1 , 6 4 8 , 1 0 2 . 0 0 Plaines, IL 60018 Attn: Reyal Menard, President ESPN Plaza 935 Middle Street Bristol, ESPN Inc. Trade Payable $ 9 0 9 , 4 4 1 . 0 0 CT 06010 Attn: Nell Devane, Deputy Chief Counsel 300 North LaSalle Street, Suite 1900 Alix Partners LLC Trade Payable $ 3 7 9 , 4 5 1 . 0 0 Chicago, IL 60654 Attn: Adam C. Werner, Managing Director Turano Banking 36749 Eagle Way Chicago,lL 60678 Trade Payable $ 2 8 6 , 9 2 2 . 0 0 Company Attn: Ron Turano, President Deferred Ian Hannah 11260 W 102nd Avenue Westminster, $ 2 7 2 , 3 6 3 . 0 0 Compensation Deferred Terri Winter CO 80021 Attn: Ian Hannah 10453 South Grizzly, Gulch Highlands $ 2 6 8 , 3 8 3 . 0 0 Compensation Ranch, CO 80129 Attn: Terri Winter 1 D'Angelo Drive Marlborough, MA Ken's Foods, Inc. Trade Payable $ 2 6 8 , 1 1 9 . 0 0 01752 Attn: Brian L. Crowley, President Fiver Tower Bridge 300 Barr Harbor Drive, Suite 600 West Conshohocken, Keystone Foods LLC Trade Payable $ 2 4 6 , 9 9 7 . 0 0 P A 1 9 4 2 8 2998 Attn: Frank M. Ravndal, Jr., CEO 4010 West Advantage Circle Salt Lake Cookietree Bakeries Trade Payable $ 2 2 3 , 0 6 6 . 0 0 City, UT 84104 Attn: Greg F. Schienk, CEO Canyon Road Capital 300 Garcia Street Deferred Ryan McMonagle $ 2 1 4 , 0 0 0 . 0 0 Santa Fe, NM 87501 Attn: Ryan Compensation McMonagle 2628 North Huron Road Pinconning, MI Mr. Chips Inc. Trade Payable $ 2 1 0 , 5 9 1 . 0 0 48650 Attn: Joseph Janicke, President Deferred Janice Branam 5521 Friends Place Boulder, CO 80303 $ 2 0 2 , 0 0 3 . 0 0 Compensation Attn: Janice Branam 370 North Wabasha Street Saint Paul, MN 55102 Attn: James J. Seifert, Ecolab Inc. Trade Payable $ 1 9 9 , 8 9 2 . 0 0 Executive Vice President, General Counsel and Secretary 200 East Basse Road San Antonio, TX, Clear Channel Trade Payable $ 1 9 9 , 4 4 0 . 0 0 Broadcasting Inc. 78209 Attn: Robert Pittman, Chairman and CEO 5063 North Service Road, Suite 101 Pinty's Delicious Foods Trade Payable $ 1 9 8 , 0 2 2 . 0 0 Burlington, ON L7L 5H6 Attn: Jack Vanderlaan, CEO 4501 College Boulevard Suite 320 AFCO Credit Trade Payable $ 1 6 7 , 0 7 4 . 0 0 Leawood, KS 66211 Attn: Stephen Corporation Viehe, Director Deferred John M. Moore 1922 East Crestridge Drive Greenwood $ 1 5 9 , 9 9 9 . 0 0 Compensation Village, CO 80121 Attn: John M. Moore 10201 West Pico Boulevard Los FX Networks LLC Trade Payable $ 1 4 9 , 2 8 3 . 0 0 Angeles, CA 90035 Attn: Keith Rupert Murdoch, CEO 1331 Saline Street North Kansas City, Henery Wurst Inc. Trade Payable $ 1 4 6 , 3 9 0 . 0 0 MO 64116 Attn: Mike Wurst, CEO FSP 1001 17th Street LLC C/O FSP Property Management LLC 401 Franklin Street Trade Payable $ 1 4 4 , 5 0 7 . 0 0 Edgewater Place, Suite 200 Wakefield, Properties Corp. MA 01880 Attn: George J. Carter, President ABC Cable Networks Trade Payable $ 1 4 3 , 0 0 9 . 0 0 3800 West Alameda Avenue Burbank, CA 91505 Attn: Robert A. Iger, CEO Deferred Mark Bromberg 6340 International Parkway, Suite 300 $ 1 3 5 , 8 4 4 . 0 0 Compensation Deferred Ghazi Hajj Compensation Plano, TX 75093 Attn: Mark Bromberg 20969 DeLagado Terrace Boca Raton, $ 1 2 9 , 4 9 7 . 0 0 $ 1 2 4 , 9 6 4 . 0 0 FL 33433 Attn: Ghazi Hajj 7351 South 78th Avenue Oak Lawn, IL Stampede Meat, Inc. Trade Payable 60455 Attn: Brock Furlong, President and CEO Deferred Mark Heller Compensation 13042 West 80th Place Arvada, CO $ 1 2 2 , 7 4 8 . 0 0 $ 1 0 8 , 9 4 5 . 0 0 Deferred Andrew J. Selvaggio 80005 Attn: Mark Heller 8026 West Eastman Place Lakewood, Compensation CO 80227 Attn: Andrew J. Selvaggio 1000 Chopper Circle Denver, CO Pepsi Center Trade Payable $ 9 3 , 7 5 0 . 0 0 80204 Attn: Amy Fewox, Venue Marketing and Publicity Manager 9201 Packaging Drive De Solo, KS Huhtamaki lnc. Trade Payable $ 8 7 , 1 9 7 . 0 0 66018 Attn: Michael Frederick, Vice President Foodservice 12067 East Lake Circle Greenwood Deferred David J. Biederman $ 8 7 , 1 5 6 . 0 0 Village, CO 80111 Attn: David J. Compensation Biederman 145 East Drive Brampton, ON L6T 1B9 Sofina Foods Inc. Trade Payable $ 8 6 , 9 6 2 . 0 0 Canada Attn: Fabio Pozzobon, Vice President Legal and General Counsel 16100 North 71st Street, Suite 500 System Services of Trade Payable $ 8 5 , 7 3 7 . 0 0 Scottsdale, AZ 85254 Attn: Thomas J. America Stewart, Chairman DBA Home Team Sports, a Division of Fox Sports Media Group 1211 Avenue of National Advertising Trade Payable $ 8 5 , 0 0 0 . 0 0 Americas, 8th Floor New York, NY Partners 10036 Attn: Janet Nova, EVP and Deputy Group General Counsel Last Updated: 3/20/2014 This information is for the exclusive internal use of Nationwide Research customers, is not to be resold or otherwise transferred, is provided for informational purposes only, and should not be relied upon without independent verification of its accuracy.
© Copyright 2024 ExpyDoc
