BATON ROUGE, La. – Local restaurant chain Piccadilly is filing for bankruptcy, according to multiple media reports. The move came after debt-restructuring talks with a lender broke down.
The Baton Rouge-based restaurant chain with locations in the New Orleans metro area filed for bankruptcy protection from its lender, New York-based fund Atalaya Capital Management. Atalaya recently purchased a portion of Piccadilly’s debt.
A report by Reuters said, “Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity,” according to the company.
The chain currently has about 80 restaurants, with locations in Metairie, Gretna, Houma, Slidell and Covington. There has been no word from the company about closing any stores.