Reuters: Bankruptcy News: Piccadilly Restaurants files for bankruptcy

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Piccadilly Restaurants files for bankruptcy Sep 12th 2012, 07:35 Sept 12 | Wed Sep 12, 2012 3:35am EDT Sept 12 (Reuters) - Piccadilly Restaurants LLC filed for Chapter 11 bankruptcy protection on Friday 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. Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, the company added. Baton Rouge, Louisiana-based Piccadilly has about 80 restaurants, over 70 food service operations and has roughly 3,500 employees. P i ccadilly provides over 9,000 meals per day to evacuees and serves 30 schools across the U.S. Southeast.

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