Piccadilly Restaurants LLC filed for chapter 11 protection on Friday after debt restructuring talks broke down with its lender, New York-based fund Atalaya Capital Management, Reuters reported today. 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. Baton Rouge, La.-based Piccadilly has about 80 restaurants, over 70 food service operations and has roughly 3,500 employees.
