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 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 Freeport McMoran (FCX) - in its operations Plains earned 45 cents a share beating analyst estimates surveyed by Bloomberg. 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 S&P 500. 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." On Tuesday, Marathon Oil (MRO) said in its earnings announcement that it would exit $3 billion in oil and gas investments, while it also completed a $3.5 billion shale purchase from KKR (KKR).
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