LOUISVILLE, Ky. (AP) - Once the self-proclaimed "Ice Cream of the Future," Dippin' Dots is seeking federal bankruptcy protection, a move the company said is aimed at staving off foreclosure on more than $11 million in loans.
The Paducah, Ky.-based company filed for Chapter 11 reorganization Thursday night, asking U.S. Bankruptcy Judge Thomas H. Fulton to allow it to use cash collateral to continue operations while the case plays out. The company said in a filing that allowing it to use the cash collateral and stay functioning will not harm creditors, including its largest single creditor, Regions Bank, which is owed $11.1 million.
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