Yesterday Merkato 55 filed for Chapter 11 Bankruptcy. Crain's broke the news that wasn't much of a surprise given the restaurants inability to capitalize on anything other than their famed boozy Saturday brunch parties.  After changing it's name to Le 55 this month and using stakeholder Brazilian model Fernanda Mott to market the "new" and "improved" spot, they will attempt to reemerge from bankruptcy. In the meantime, according to the Koch Brothers the Saturday brunch party will continue per usual:

"Our brunches will continue on in our tradition at Merkato 55 while the ownership gets the time they need to deal with the ravages of the recession. We know that many restaurants in NYC are suffering now and we will continue to provide our support where we can and deliver the very best experience for our clients at Merkato."

Will this be a move of defiance a la Custer's last stand, or just the beginning of a new hotspot?  Either way, if a ship is sinking, heck you might as well drink on the way down!  More M-55 pics from the past year below.