Quiznos files for Chapter 11 protection
DENVER (AP) – Denver-based Quiznos filed for Chapter 11 bankruptcy protection to reduce its debt by more than $400 million.
The toasted sandwich chain said Friday that it voluntarily filed to reorganize to implement a pre-packaged restructuring plan.
Quiznos said the move won’t affect its customers.
The company only owns and operates seven of the nearly 2,100 Quiznos restaurants. The rest are owned operated by franchisees and aren’t part of the bankruptcy proceedings.
It also said its distribution centers are open and fulfilling orders.
Quiznos said the restructuring plan was approved by its creditors so it expects to emerge from restructuring quickly.
U.S. rig count up 17 to 1,809
HOUSTON (AP) – Oilfield services company Baker Hughes Inc. said the number of rigs exploring for oil and natural gas in the U.S. increased by 17 this week to 1,809.
The Houston firm said in its weekly report Friday that 1,461 rigs were exploring for oil and 344 for gas. Four were listed as miscellaneous. A year ago there were 1,776 active rigs.
Of the major oil- and gas-producing states, North Dakota gained seven rigs, New Mexico, Oklahoma and Texas each gained four and Pennsylvania gained one.
Alaska lost three rigs, Kansas lost two and California declined by one. Arkansas, Colorado, Louisiana, Ohio, Utah, West Virginia and Wyoming were unchanged.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.