Newly elected CEO Les Doss, one of the company's first investors, said less than a week after Tootie Pie Company filed for bankruptcy protection, he believes the future looks bright.

"Today was a great day for Tootie Pie because what we hoped would happen will happen," he said.

Dodd would not go into too much detail but said he was able to get the company's credit extended with their largest supplier to allow them to keep making pies.

The bankruptcy filing protects the company against their largest creditor, which is owed about $400,000.

The board of directors will meet Wednesday morning in San Antonio to discuss plans for reorganization which Dodd said included restructuring corporate leadership.

Soon after the filing, the board replaced CEO Don Merrill Jr. with Doss.

Plans for reorganization are focused primarily on cash infusion by possibly adding new investors or selling shares, which closed at 6 cents a share, down from 19 cents a day after the bankruptcy filing.

Doss did not rule out possible mergers or sales if the right opportunity presented itself but said he is focused on keeping the Tootie Pie name alive.

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