The company yesterday listed assets $20.2 million and debt of $12 million in Chapter 11 documents in U.S. Bankruptcy Court in Paducah, Kentucky, where it’s based. Revenue fell from $33.9 million in 2009 to $26.7 million last year, the company said.

The company asked U.S. Bankruptcy Judge Thomas H. Fulton to let it use cash held as collateral for an $11 million loan from Regions Bank of St. Louis.

Without using the collateral, Dippin’ Dots “will have no ability to operate,” the company said in court papers. It didn’t file an explanation of the bankruptcy.

Founded in 1988 by microbiologist Curt Jones, the company makes ice cream in tiny pellets that are flash frozen using liquid nitrogen, according to the Dippin’ Dots website. The ice cream is sold in franchised stores, festivals and theme parks.

The case is 11-51077, U.S. Bankruptcy Court, Western District of Kentucky (Paducah).