US: Interstate asks for protection from its largest shareholder
Interstate Bakeries has asked to US Bankruptcy court to protect it from its largest shareholder's demands that it elect new directors.
Brencourt Advisors, which holds an 8.4% state in the company, brought a case before the Chancery Court of Delaware to force Interstate to hold an annual meeting and elect new directors.
Interstate has been reorganising under Chapter 11 since September 2004. In a motion filed Wednesday (29 November), the company said the bankruptcy court should have the final say over Interstate's corporate governance issues.
The company warned that while it has made progress in its reorganisation, should Brencourt successfully elect new directors the move could have serious consequences for the company's financial progress.
Kansas City-based food group Interstate Bakeries has expanded its Wonder range to include two new whole grain hotdog and hamburger bun varieties....
US-based Interstate Bakeries has recalled its individual snack packages of Hostess Mini Pound Cake....
Kansas City-based Interstate Bakeries has reported a loss of US£12.8m for February, 5% more than January, despite increased sales....
Kansas City bakery group Interstate Bakeries has added a new low-calorie line to its Hostess brand range....
Following approval from the US Bankruptcy Court of the appointment of Craig Jung as chief executive officer of Interstate Bakeries, the new CEO outlined his strategy to return the maker of Twinkies an...
The bankrupt maker of Twinkies and Wonder bread, Interstate Bakeries, yesterday (30 January) appointed Craig D. Jung as chief executive officer subject to approval from the US Bankruptcy Court....
The US Bankruptcy Court has approved proposed changes to the board of directors of Interstate Bakeries....
Interstate Bakeries Corporation has reached an agreement with lenders, creditors and investors to revamp its board of directors....
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