NEW YORK ( TheStreet) -- 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 Regions Financial (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, Plains Energy (PXP) said it struck a $600 million dollar sale of shale assets in the Granite Wash to Linn Energy (LINE), 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 (AES) and Anglo American signal that in volatile markets, some companies are looking at venture and asset sales as a way to grow or raise cash
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