An “ice cream of the future” company which has about 140 retail locations and agreements with 9,952 small vendors who sell the ice cream at fairs, festivals and sports games, filed for Chapter 11 bankruptcy protection. Dippin’ Dots Inc. filed for bankruptcy on Thursday in U.S. Bankruptcy Court in Paducah, Ky., to evade foreclosure. The company, which has its extreme cooling requirements for the products, fell into procedural failure to pay four years ago at the climax of the economic crisis as its customers were no longer eager to buy a cup of the “future ice cream”. The company filed for bankruptcy to permit to U.S. Bankruptcy Judge to use the cash security and stay functioning operations while the case plays out.
Its largest single creditor, Regions Bank, which is owed $11.1 million, gave the company 48-hours’ notice that it intended to foreclose on the loans. In the bankruptcy filing, the company listed about $20.2 million in assets and more than $12 million in legal responsibilities. However, the company said that the company continuing operations will not harm creditors, including Regions Bank. “We are hopeful and believe we will be successful,” Steve Heisner, director of administration for Dippin’ Dots, told The Associated Press. “There is no thought, intent … that our operations will be significantly different than they are today.”
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