The CEO of novelty ice cream maker Dippin’ Dots has stepped down as part of a bankruptcy agreement that will infuse enough cash into the company to keep it afloat until it can be sold.
The move on Tuesday came after Regions Bank refused to loan the company any more money until CEO Curt Jones was ousted.
Jones’ attorney, Todd Farmer, told The Paducah Sun that the resignation could allow Jones to be in a position to buy back the company.
Court documents show that the agreement allows Dippin’ Dots to borrow up to $1.25 million to keep operating until Nashville, Tenn.-based Harpeth Capital can arrange a sale to the highest bidder.
Farmer says he expects the sale to occur in the next eight weeks.