RLPC: Hostess loan to back Apollo, Metropoulos buyout

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non-starter

Saint Paul, MN

#1 Mar 4, 2013
RLPC: Hostess loan to back Apollo, Metropoulos buyout

NEW YORK | Mon Feb 25, 2013 9:10am EST

NEW YORK Feb 25 (Reuters)- Hostess Brands set a bank meeting for Wednesday to launch a $450 million term loan that will back the buyout of the company's snack cake brands including Twinkies by Apollo Global Management LLC and C. Dean Metropoulos & Co.

The seven-year facility will be syndicated alongside a $60 million asset-based revolving credit, sources told Thomson Reuters LPC. Credit Suisse leads the deal.

Lender commitments to the loan will be due March 8.(Editing By Jon Methven)
liBeRALs

Saint Paul, MN

#2 Mar 4, 2013
How is this relevant to Minneapolis?

Nothing but illogical spam.
non-starter

Saint Paul, MN

#3 Mar 4, 2013
liBeRALs wrote:
How is this relevant to Minneapolis?
Nothing but illogical spam.
They don't sell Twinkies and Wonder bread in Minnesota, Slew Jumbo? How are you relevant again?
liBeRALs

Saint Paul, MN

#4 Mar 4, 2013
non-starter wrote:
<quoted text>They don't sell Twinkies and Wonder bread in Minnesota
Not any more.
non-starter

Saint Paul, MN

#5 Mar 4, 2013
liBeRALs wrote:
<quoted text>
Not any more.
But they will after the sale is completed.
liBeRALs

Saint Paul, MN

#6 Mar 4, 2013
Most voters believe it is at least somewhat important to reduce income inequality
liBeRALs

Saint Paul, MN

#7 Mar 4, 2013
When Hostess emerged from bankruptcy controlled by Ripplewood Holdings (courtesy of a $130 million cash infusion). What followed was no Romney-like turnaround story. Ripplewood, at least for the first year, saddled Hostess with fees that totaled in the millions of dollars, according to Dealbook. Next, as it raised management salaries, it slashed the wages that Joe Average earned on the factory floor—setting up a prolonged confrontation with Hostess’ entrenched unions. More money for a management team incapable of withstanding industry consolidation, changing consumer tastes or rising commodity costs. Meanwhile, a CEO carousel played out in the C-suite. Hostess was run by six different men in a decade.(Fortune ran a nice cover story on Hostess earlier this summer that delved further into all this.)

Soon Hostess was crumbling even faster than before. Total sales last year (at $2.5 billion) were down about 11% from 2008. It lost $341 million, 2.5 times more than a year before, and debt has substantially risen, mostly due to pension costs. Hostess, meanwhile, said it had a bit more than $980 million in assets.
CRASSUS

Green Bay, WI

#8 Mar 4, 2013
liBeRALs wrote:
Most voters believe it is at least somewhat important to reduce income inequality
liBeRALs: An Obese Annention starved Homosexual

Since: Sep 11

Rogers, MN

#9 Mar 4, 2013
liBeRALs wrote:
Most voters believe it is at least somewhat important to reduce income inequality
Which is both a fallacy, and totally unrelated to the plight of Hostess.
liBeRALs

Saint Paul, MN

#10 Mar 4, 2013
What exactly is annention? We know you claim to be in college (cough, cough) so it must be a big fancy word.

By the way, calling someone a homosexual is not an insult any longer. Just in case you missed the last couple decades.
non-starter

Saint Paul, MN

#11 Mar 4, 2013
liBeRALs wrote:
When Hostess emerged from bankruptcy controlled by Ripplewood Holdings (courtesy of a $130 million cash infusion). What followed was no Romney-like turnaround story. Ripplewood, at least for the first year, saddled Hostess with fees that totaled in the millions of dollars, according to Dealbook. Next, as it raised management salaries, it slashed the wages that Joe Average earned on the factory floor—setting up a prolonged confrontation with Hostess’ entrenched unions. More money for a management team incapable of withstanding industry consolidation, changing consumer tastes or rising commodity costs. Meanwhile, a CEO carousel played out in the C-suite. Hostess was run by six different men in a decade.(Fortune ran a nice cover story on Hostess earlier this summer that delved further into all this.)
Soon Hostess was crumbling even faster than before. Total sales last year (at $2.5 billion) were down about 11% from 2008. It lost $341 million, 2.5 times more than a year before, and debt has substantially risen, mostly due to pension costs. Hostess, meanwhile, said it had a bit more than $980 million in assets.
What does this have to do with Twinkies in the Twin Cities? This company, and its' union that wouldn't take the judge's order to take a pay cut, are both dead.
CRASSUS

Green Bay, WI

#12 Mar 4, 2013
liBeRALs wrote:
What exactly is annention? We know you claim to be in college (cough, cough) so it must be a big fancy word.
By the way, calling someone a homosexual is not an insult any longer. Just in case you missed the last couple decades.
What a worthless butthumper you are. Nothing but an obese loser on here 24/7. Get a Fn life, fat fk. Just look at all the posts you've made today. YOU are the attention starved loser. You define the word. Put a bullet in your head and put your fat arse out of your miserable life.
liBeRALs

Saint Paul, MN

#13 Mar 4, 2013
ROFLMAO!!! You are almost as funny as Consistent when you go on a rant!

Congrats, you figured out how to spell "attention", college guy! Are you upset because you figured out that most of America hates a racist like you? Or are you upset at being forced out of the closet?

Poor Crassus. See a shrink. Not only you but the whole world will benefit.
non-starter

Saint Paul, MN

#14 Mar 12, 2013
Hostess Says No Rival Bids Received for Snack Business

By Dawn McCarty - Mar 11, 2013 6:39 PM CT.

Hostess Brands Inc., the bankrupt maker of Wonder bread, said no competing bids were received for its snack-cake business including Twinkies, resulting in a proposed auction to be canceled.

A joint offer from Apollo Global Management LLC (APO) and C. Dean Metropoulos & Co. was the only qualified bid received by the deadline, lawyers for hostess said in court papers filed today in U.S. Bankruptcy Court in White Plains, New York.“Accordingly, pursuant to the bidding procedures order, no auction will be conducted and buyer is the successful bidder,” the lawyers said.

Jan. 31 (Bloomberg)-- Gregory Rayburn, chief executive officer of Hostess Brands Inc., talks about the bankrupt baker’s decision to choose a joint offer from Apollo Global Management LLC and C. Dean Metropoulos & Co. as the lead bid for Twinkies and other cake brands. Rayburn speaks with Betty Liu on Bloomberg Television’s “In the Loop.”(Source: Bloomberg)
.
Apollo and Metropoulos offered as much as $410 million for the Hostess snack-cake business, which also includes CupCakes, Ding Dongs and Ho Hos, and other assets, including five bakeries and equipment.

Hostess, previously known as Interstate Bakeries Corp., exited the earlier bankruptcy under the control of buyout firm Ripplewood Holdings LLC and lenders.

Under the accord, the brands to be acquired by Apollo and Metropoulos will include Hostess, Dolly Madison, Mini Muffins, Zingers and Suzy Q’s. Hostess Feb. 11 won bankruptcy court approval to hold auctions for brands including Twinkies. A sale hearing, to approve the highest and best bids, is set for March 19.

Mark Semer, a spokesman for Metropoulos, didn’t immediately respond to a request seeking comment on the court filing.

Charles Zehren, a spokesman for Apollo, declined to immediately comment.

The case is In re Hostess Brands Inc., 12-bk-22052, U.S. Bankruptcy Court, Southern District of New York (White Plains). The prior bankruptcy was In re Interstate Bakeries Corp., 04-45814, U.S. Bankruptcy Court, Western District of Missouri (Kansas City).

To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware. at dmccarty@bloomberg.net

http://www.bloomberg.com/news/2013-03-11/host...
non-starter

Saint Paul, MN

#15 Mar 13, 2013
Maybe Bloomberg can move onto the Twinkie ban next.
qiwwiw

Pittsburgh, PA

#17 Mar 13, 2013
youtube.com/watch... ………… Is There a Man in your Head?
Bushwhacker

Seattle, WA

#18 Mar 13, 2013
Poor non-sense, corporate stooge for contract violators.... Must love liars...
non-starter

Saint Paul, MN

#19 Mar 13, 2013
Bushwhacker wrote:
Poor non-sense, corporate stooge for contract violators.... Must love liars...
There is no contract, reading comprehension challenged poster. Hostess has sold off assets in bankruptcy. If you look on the balance sheet, the union contract was not transferred with the sale of the assets, heck, it didn't even make it through bankruptcy. The new owners are certainly not in violation of any contract.
Bushwhacker

Seattle, WA

#20 Mar 13, 2013
There was a contract which was violated...

Oddly, you've forgotten it in your haste to blame the non-violator union employees...

Pretty sad, you're still cherry picking outta season, right stupid ???

Of course, you lost the Boeing bet, miss quoted, and lied....
CRASSUS

Green Bay, WI

#21 Mar 13, 2013
Bushwhacker wrote:
There was a contract which was violated...
Oddly, you've forgotten it in your haste to blame the non-violator union employees...
Pretty sad, you're still cherry picking outta season, right stupid ???
Of course, you lost the Boeing bet, miss quoted, and lied....
Ting-A-Ling, Ting-A-Ling! Your mommie is ringing her bell. Time for you to go change her soiled diapers.

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