Posted: Sep 12, 2012 11:01 AM by Russell Jones
Updated: Sep 12, 2012 11:01 AM
Source: The Advocate
BATON ROUGE - The Baton Rouge-based restaurant chain Piccadilly's filed for Chapter 11 bankruptcy protection this week.
According to The Advocate, Piccadilly Restaurants LLC said the filing was to head off "an aggressive legal maneuver" by its lender, Atalaya Capital Management.
Piccadilly filed for protection in U. S. Bankruptcy Court in Lafayette, claiming Atalaya filed their lawsuit last week in state court order to force a receive be appointed for the company. The restaurant chain owes between $10 million and $50 million to its creditors.
News 2 will have more on what this means for the company tonight.