 By 1987, co-founders Metzger and LaMotta had reorganized the company and obtained a $1 million investment from Swedish holding company Hexagon AB, which guaranteed loans and licensed its products.In 1992, the company was back in Chapter 11 bankruptcy after incurring a $1.4 million loss on sales of $4.8 million; an accounting scandal involving inventory overstatements at Peltz Food, a subsidiary headed by Robert Peltz, were at the root of much of the problem.CoolBrands International bought Chipwich in 2002, becoming North America's third-largest ice cream vendor.