NEW YORK (
Dippin' Dots on Friday filed for Chapter 11 bankruptcy in a U.S. Bankruptcy Court in Paducah, Ky - after struggling to fend off foreclosure efforts by
(RF) as a result of a $11.1 million debt.
The inventor of "the ice cream of the future", will draw up a reorganization plan for its finances and operations to continue manufacturing its novelty bead-based ice cream products that are a hit at theme parks, concert halls and stadiums.
In its filing, the company listed assets of $20.2 million and debt of $12 million.
In its earnings Friday,
(PXP) said it struck a $600 million dollar sale of shale assets in the Granite Wash to
(LINE - Get Report), in a move to lower debt and overall interest costs by 40%. Plains said in a statement that it's also struck a deal to sell an additional $185 million of gas assets.
A Plains asset sale along with joint venture sales by
(AES - Get Report)
signal that in volatile markets, some companies are looking at venture and asset sales as a way to grow or raise cash
opportunistically and quickly
In its Friday earnings announcement, Plains reported a loss of $88.3 million or 62 cents a share as a result of losses on energy hedges and a minority investment in
(FCX - Get Report)
- in its operations Plains earned 45 cents a share beating analyst estimates surveyed by
Plains shares rose over 6% in early trading to $35.43 a share, the company's stock is up over 10% year to date, beating the
In its earnings, Plains CFO Winston Talbert said that with the sales and debt reduction, Plains could lower its interest expense by up to 40%. As of its most recent quarter, Plains held over $3.6 billion of debt, of which Talbert said $2.1 billion is callable in the next 18 months. Talbert said, "With the current low interest rate environment, PXP sees a unique opportunity to reduce its interest costs 30% to 40% by year-end 2012 thereby increasing profitability, shareholder return and cash flow."
(MRO - Get Report)
said in its earnings announcement that it
$3 billion in oil and gas investments, while it also completed a $3.5 billion shale purchase from