The specialist hired in March by Schwebel Baking Co. to restructure the faltering venture was appointed Monday to wind down operations of the baked goods business.

U.S. District Judge John R. Adams named Jacen Dinoff as receiver in response to Spectrum Commercial Finance’s emergency motion filed July 15. The founder and owner of KCP Advisory Group in Boston, Dinoff served as Schwebel’s chief restructuring officer.

Last week, the Bloomington, Minnesota, commercial lender sought to enforce a forbearance agreement after Schwebel’s defaulted on a scheduled payment. The lender sued to recoup $3.76 million.

The forbearance pact gives Spectrum a security interest in all of Schwebel’s property, including equipment, inventory and accounts. The company’s two East Midlothian Boulevard buildings are owned by SYOHB LLC of Glen Cove, N.Y.

Off limits are two Schwebel’s pension plans.

“For the avoidance of doubt and notwithstanding any provision of this Order, assets belonging to the Pension Plans are not assets of the receivership estate, the receivership entities or the Receiver,” Adams writes in his order. “The Receiver shall not change the name of or relocate any bank accounts holding assets belonging to the Pension Plans.”

In court paperwork, Spectrum said the amount owed under the loan agreement was approximately $5.4 million, less interest, expenses, attorneys’ fees and other amounts.

Spectrum said it supported Dinoff’s appointment as receiver “in an effort to preserve the assets of the Receivership Entities, maximize the value of the Receivership Entities for the benefit of creditors, maintain disciplined control over expenditures, oversee collection of receivables and complete an orderly wind-down or liquidation.

“The Court finds that KCP is qualified to serve as the Receiver in this matter. Further, KCP has significant receivership experience and has agreed to accept fees for its services and the services of its employees and operational consultants …”