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From: Rocket Red	9/28/2006 12:14:19 PM
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Some Wendy's noteholders boiling over Tim's spinout plan ROMA LUCIW Thursday, September 28, 2006 Wendy's International Inc. is a facing a U.S. lawsuit from noteholders seeking to delay tomorrow's spinout of Wendy's remaining stake in Tim Hortons Inc. The lawsuit has been filed by a minority of Wendy's noteholders, who allege that Wendy's plan to distribute its remaining interest in Tim Hortons to shareholders on Friday violates the terms of the indentures governing Wendy's public debt, Tim's said in a brief release. "The plaintiff noteholders are seeking to enjoin the spin-off." A hearing will be held at 3 p.m. today 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," Tims said, adding that its parent company will not comment further on the matter until the court has issued a decision. Coffee shop Tim Hortons was founded in Canada in 1964 and bought by U.S. burger giant Wendy's in 1995. In March, Wendy's spun off about 17 per cent of its Tim Hortons shares. It plans to spin off its remaining 83 per cent ownership stake on Friday. Shares of Tim Hortons rose 30 cents or 1 per cent to $29.28 in Toronto Thursday morning. © Copyright The Globe and Mail

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