Hostess Bankruptcy: Company Files For Bankruptcy Just Two ... www.huffingtonpost.com/2012/01/11/hostess-ban...<quoted text>
What did they do in 04, XX? Filed Bankruptcy. Now 8 Years later, PING.
Interesting. They don't want to be held to the Contract, so they are pulling a Bain.
MAE ANDERSON and MICHELLE CHAPMAN 01/11/12 04:33 PM ET .... Hostess Reenters Bankruptcy Less Than Three Years After ... Hostess Brands, Maker of ...
Excerpt From Above Link.
This company has tremendous potential if we can remove the barriers to success," Driscoll said.
The Teamsters Union, which represents about 7,500 of Hostess' delivery drivers and merchandisers, said in a statement on Wednesday that it is also committed to working toward a solution.
The company's filing comes nearly three years after its predecessor emerged from bankruptcy proceedings. That company, called Interstate Bakeries and based in Kansas City, Mo., filed for bankruptcy protection in 2004 and changed its name to Hostess Brands after it emerged in 2009.
Hostess said Wednesday that its previous efforts to change, including the prior Chapter 11, were insufficient. Under its most recent bankruptcy filing, it is looking to restructure into a "strong, competitive" company.
In its filing with the U.S. Bankruptcy Court for the Southern District of New York, Hostess listed about $860 million in debt. The company's biggest unsecured creditor is the Bakery & Confectionary Union & Industry International Pension Fund, which it owes about $944.2 million.
In the filing, Hostess also listed its estimated assets between $500 million and $1 billion and its estimated liabilities at more than $1 billion.
The Irving, Texas-based company said that it will be able to maintain routine operations thanks to a $75 million financing commitment from a group of lenders led by Silver Point Capital LP.