An Oklahoma-based company has purchased Dippin Dots, Incorporated. The Paducah-based Dippin Dots is currently undergoing bankruptcy proceedings and a court-mandated change in ownership. The Oklahoma company, which goes by the same name, struck the deal yesterday in U.S. bankruptcy court to purchase Dippin Dots for more than 12.5 million dollars. Dippin Dots' Paducah factory employs 165 people.
Dippin’ Dots founder Curt Jones resigned as CEO yesterday as part of an agreement reached with Regions Bank. The agreement allows the novelty ice-cream company to borrow an additional 1.25 million dollars to maintain operations until the business can be auctioned off. Regions Bank refused to give the loan unless Jones resigned. Dippin’ Dots filed for federal bankruptcy protection last November to prevent foreclosure on more than 11 million dollars in loans.