Piccadilly Restaurants files for bankruptcy

Sept. 13—Piccadilly Restaurants LLC filed for Chapter 11 bankruptcy protection after debt restructuring talks broke down with its lender, New York-based fund Atalaya Capital Management.

Part of the company's debt was recently purchased by Atalaya, the company said in a statement on Wednesday while not mentioning the size of the debt.

Baton Rouge, Louisiana-based Piccadilly has about 80 restaurants, more than 70 food service operations and has roughly 3,500 employees.