Wendy's International, Inc. Statement In Response to Noteholder Lawsuit
Tim Hortons Inc. (TSX:THI)(NYSE:THI) is aware that Wendy's International, Inc. (NYSE:WEN) today will issue the following statement in response to a lawsuit filed in New York:
"Wendy's is a defendant in a lawsuit filed by a minority of its noteholders. The plaintiff noteholders allege that Wendy's previously announced plan to distribute its remaining interest in Tim Hortons Inc. (NYSE/TSX:THI) to shareholders on Friday, September 29 violates the terms of the indentures governing Wendy's public debt. The plaintiff noteholders are seeking to enjoin the spin-off. A hearing has been scheduled for 3:00 p.m. (Eastern) on Thursday, September 28 in the U.S. District Court in New York City.
Wendy's believes this action is without merit and plans to vigorously defend its position.
Wendy's does not intend to comment further on this matter until a decision is issued by the Court."
Tim Hortons(R) also plans to submit a declaration in connection with this matter, with Wendy's assistance and cooperation, outlining the particular harm of the relief requested to Tim Hortons.
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