NASHVILLE, Tenn. – The self-proclaimed "Ice Cream of the Future" apparently will have a future after all.
Dippin' Dots filed bankruptcy to fend off attempts by Regions Bank to foreclose on $12 million in loans that Jones said the bank was unwilling to refinance. The filing listed assets of $20 million and liabilities of $13 million.
The recession, along with a protracted but unsuccessful legal battle to protect its patent tied to making the dots, pushed the company to the brink of ruin, Jones said.
In February, at the bank's insistence, the court took the reins of Dippin' Dots away from Jones and appointed a chief restructuring officer, Greg Charleston of Atlanta, to run the company until a buyer could be found or the operations could be wound down.
Earlier this month, a proposal was filed by Dippin' Dots LLC to take over the company. The new entity is being financed by private-equity firms. President of the company is Scott Fischer, whose father, Mark Fischer, is president and chief executive of Chapparal Energy, an Oklahoma City-based oil and gas company.
"I still remember the first time I tasted Dippin' Dots," Scott Fischer said. "As a kid who visited Six Flags Over Texas and Sea World, I had never tasted anything quite like Dippin' Dots, and it had me hooked from the first bite. As an adult, I still maintain an appreciation for the product, not only for its taste, but for its innovative character and unique status as a culinary invention.
"It's no exaggeration to say that Dippin' Dots played a role in my childhood, and I look forward to growing the company in the future," he said.
Jones will run the company under the revised ownership, which is one reason he stepped down during the bankruptcy case, Charleston said.