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....
- M&A Watch: Raisio should sell to private equity
- Analysis: Market bets on higher Chiquita offer
- Briefing: Expansion agenda of Japan's food majors
- On the money: Solid Lindt outpaces chocolate peers
- Why exporters still see opportunities in Japan
- Kerry cools claim spreads move could hit jobs
- Pork Farms buys Kerry Group's pastry plants
- Campbell Soup's Plum division to pull out of UK
- Profits up at chocolate group Lindt
- Japan's Sanyo takes stake in Olam's food biz