DUBLIN, Ohio — Wendy's International Inc. said noteholders seeking to block the spin-off of Wendy's holdings in Tim Hortons dropped a lawsuit filed recently in New York.
According to a news release, following a hearing on Sept. 28, the U.S. District Court in New York City denied in all respects the plaintiff noteholders' motion for a temporary restraining order and a preliminary injunction.
Late Oct. 10, Wendy's was informed that the plaintiffs had voluntarily dismissed the lawsuit and that some (but not all) of the same noteholders that had filed the lawsuit had issued a purported notice of default asserting that the spin-off of Tim Hortons Inc. on Sept. 29 violated the terms of one of the indentures governing Wendy's public debt.
Wendy's maintains claims asserted by the noteholders lack merit.
