US: Hostess Brands files for bankruptcy
Hostess has filed for Chapter 11 bankruptcy protection for the second time in a decade
US baker Hostess Brands has filed for Chapter 11 bankruptcy, the second time it has done so in its history.
The Twinkies and Ding Dongs cake manufacturer today (11 January) filed at a Bankruptcy Court in New York. It is the second time the troubled firm has been through Chapter 11 - the company was previously known as Interstate Bakeries, which went bankrupt in 2004 and emerged from it in 2009.
According to court documents, the 83-year-old company said that it currently owes its heavily-unionised staff US$21m and it owes more than $1bn to creditors.
The company has about 19,000 full-time and part-time employees, including 10,413 hourly workers and 8,436 salaried workers.
A spokesperson for Hostess was not available for comment. It is unknown whether the company will make redundancies or sell off brands in a bid for financial stability.
US baker Hostess Brands, which filed for Chapter 11 protection earlier this year, has said it is still eyeing an exit from bankruptcy despite warning employees jobs could go if the company is sold or ...
Brian Driscoll, the former CEO of US baker Hostess Brands, which is in bankruptcy protection, has joined Diamond Foods as its chief executive....
- General Mills US "priority" categories gain share
- 2015 preview: Consumer trends that will shape NPD
- Interview part 2: BRF CFO Augusto Ribeiro
- Interview part 1: BRF CFO Augusto Ribeiro
- 2015 preview: A better deal for M&A sellers
- General Mills earnings drop one-third
- Kraft to reappraise business, says new CEO Cahill
- UPDATE: Nestle ice cream sale a "local" decision
- Pork Farms "disappointed" over Kerry deal ruling
- Bimbo to buy Saputo's bakery arm