Piccadilly Restaurants files for bankruptcy

Baton Rouge, La. -- Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.



Atalaya had recently purchased part of Piccadilly’s debt, which hasn’t been quantified by the chain.



Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, Piccadilly said.