A mover and shaker in Atlanta’s restaurant scene hits money troubles
Prolific Atlanta restaurateur Billy Streck has filed for Chapter 11 bankruptcy, claiming nearly $2.8 million in debt.
For almost two decades, Streck has invested in and helped develop Atlanta restaurants, from the Michelin-recommended Lyla Lila, which remains open near the Fox Theatre in Midtown, to former pizzeria Nina & Rafi along the Atlanta Beltline.
Multiple attempts by The Atlanta Journal-Constitution to reach Streck were not answered. An attorney for Streck did not provide a comment to the AJC by publication time.
The bankruptcy filing follows recent lawsuits filed against Streck and his restaurant entities that allege he defaulted on loan payments.
The broader restaurant industry is contending with elevated operating costs and declining traffic, with brands such as On the Border and Slutty Vegan founder Pinky Cole also finding themselves in bankruptcy court.
“I think restaurateurs are really squeezed right now,” said Ben Lawrence, director of Georgia State University’s Cecil B. Day School of Hospitality. “It’s just a really tough time. Costs have gone up, and consumers are also price conscious.”
Streck has been involved in several Atlanta restaurants
Chapter 11 bankruptcy generally provides for reorganization, allowing a debtor to propose a plan to pay creditors over time. Filing for bankruptcy typically puts pending litigation on hold.
Streck filed the voluntary petition on Aug. 28. He estimated his assets at about $786,000, according to a financial disclosure filed Friday, which included both business and personal liabilities.
Streck entered the Atlanta restaurant scene in 2007, moving from Manhattan to help open Cypress Street Pint & Plate, a neighborhood bar in Midtown, according to a 2016 article from Creative Loafing.
Over the years, he’s been involved in a host of Atlanta restaurants, often behind the scenes, and is known for partnering with talented chefs.
Several of his restaurants are now closed, including Nina & Rafi; Hampton & Hudson in Inman Park; Tavernpointe in Midtown; and cocktail bar Grain in Midtown.
Streck also opened Pielands Sub & Slice in late 2021, which still operates in Virginia-Highland. But co-owner Derek Eiler told the AJC he bought Streck out of the restaurant and he hasn’t been involved since 2024.
Streck also was a partner in Pizza Jeans, which operates locations in Buckhead and at Ponce City Market. But Jeremy Gatto, owner and operator, said he bought out Streck’s interest in late May 2024 and he is no longer involved in the business.
“We appreciate what Billy has done to help get our restaurants started, and we plan on continuing to thrive since we parted ways,” Gatto said.
Streck is a silent partner in Lyla Lila, a restaurant spokesperson said. He also is a silent partner in Cypress Street Pint & Plate, said Robert Caswick, a partner in the business.
The financial disclosure filed Friday says Streck has or had a business connection to other restaurants, including one that closed this year in Gainesville called Standard Service.
Restaurant industry has ‘faced challenges’
The restaurant industry has been dealt several tough years. Most restaurants temporarily closed during the COVID-19 pandemic or had to shift their operations. After the health crisis, restaurants were thrust into an economy handicapped by supply chain issues and higher inflation.
Restaurant prices in metro Atlanta have jumped nearly 38% over the five years to August, according to data from the U.S. Bureau of Labor Statistics. Some consumers strapped for cash have pulled back from restaurant spending, a discretionary purchase, Lawrence said.
When Nina & Rafi closed in April 2025, Streck said in a statement to the AJC: “The impact of 2020 hit the restaurant industry hard. And like many others, we faced challenges in the years that followed that made it difficult to fully recover. Despite our best efforts, the circumstances surrounding our closure were ultimately out of our control.”
Streck had opened Nina & Rafi along the Eastside Trail at the end of 2018 with pizza maker Anthony Spina. But Spina departed the restaurant in 2020.
Streck appears to have had a prominent job on the table just weeks before the bankruptcy filing, where he would have led operations of a steakhouse at an upscale hotel along the Beltline.
In August, a news release was sent to the AJC announcing Streck as general manager of Il Premio, an Italian steakhouse at the Forth Hotel Atlanta, near the Eastside Trail.
But soon after the release, a spokesperson said there was “a change in timing” on the announcement. On Monday, the spokesperson said Streck was not employed by Il Premio.
Borrowing extended beyond bank loans
SouthState Bank is among the creditors listed in Streck’s bankruptcy filing, including debts related to two U.S. Small Business Administration loans.
One is tied to “Two Ton Gastropub,” with debt of roughly $444,000.
Two Ton Gastropub is a limited liability company formed in 2017 that Streck managed, according to state records. That same year, Two Ton Gastropub raised $500,000, according to a filing with the U.S. Securities and Exchange Commission. Two Ton Gastropub in 2018 also registered the trademark for Nina & Rafi, according to a filing.
In June of this year, SouthState Bank sued Two Ton Gastropub and Streck in Fulton County Superior Court. The lawsuit accuses Streck of defaulting on a $775,800 SBA loan tied to Nina & Rafi from 2018.
A second SBA loan tied to restaurant Hampton & Hudson, which closed in 2024, is listed in the bankruptcy filing, with a debt of $270,000.
This June, SouthState Bank also sued Hampton & Hudson, Streck and his wife, Jennifer Streck, for allegedly defaulting on that loan, which originated in 2015 in the principal amount of $523,000.
Attorneys for SouthState Bank involved in the bankruptcy proceeding could not be reached for comment. Emails sent to Jennifer Streck were not answered.
Another lawsuit is pending against Streck, a July case from another creditor in the bankruptcy, Brian Huefner, filed in Fulton County Superior Court.
In an interview with the AJC, Huefner described Streck as a friend and said the restaurateur asked to borrow $75,000 in 2024 while offering a favorable interest rate.
“I took a leap on him,” Huefner said. But Streck ultimately defaulted on that loan and left him hanging, he said. The lawsuit claims Streck still owes $51,500 on the loan.
American Express is also listed as a creditor for roughly $78,000 of credit card debt, as well as Citibank for about $30,000 of credit card debt.
“Oftentimes entrepreneurs will use their personal credit cards for a business expense because it’s a ready line of credit,” said Jack F. Williams, a Georgia State University law professor and bankruptcy expert.
The bankruptcy filing also lists the Internal Revenue Service, Georgia Department of Revenue and Georgia Department of Labor as creditors, but does not quantify an amount of debt.
State records show the Georgia Department of Revenue filed a tax lien against Streck last October for more than $20,000. The lien has not been released or withdrawn, records show.