A popular restaurant chain operator, known for its iconic frozen custard and burgers, has voluntarily filed for Chapter 11 bankruptcy protection, seeking to reorganize its debts.

The operator of Freddy's Frozen Custard & Steakburger , M&M Custard LLC of Overland Park, Kansas filed for Chapter 11 on Nov. 14, along with 31 related locations, according to court documents. The bankruptcy case is specifically for M&M Custard LLC, not the main corporate parent of Freddy's.

M&M Custard LLC holds the franchise rights for dozens of Freddy's locations across Illinois, Indiana, Kentucky, Kansas, Missouri and Tennessee.

The filing indicates a significant financial strain as M&M Custard reports $5.2 million in assets and approximately $28 million in liabilities, with a total between 100 and 199 creditors.

While the company attempts to emerge from the bankruptcy process, it plans to close several locations, according to KVTV 5.

But for the time being, all restaurants are expected to continue operating normally while M&M Custard reorganizes and restructures its debts, according to court filings.

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