US: Interstate Bakeries denied motion
Interstate Bakeries has been denied a motion to stop trading its stock, costing the company US$90m. The motion would have enabled the wholesale baker and distributor to preserve net operating losses from the past few years, reported business website Thedeal.com.
According to the report, Judge Jerry Venters, of the US Bankruptcy Court for the Western District of Missouri in Kansas City, denied restricted trading by holders of more than 4.5% of the company's stock.
Kansas City-based Interstate, which owns the Wonder, Hostess Baker's Inn and Home Pride brands, filed for Chapter 11 bankruptcy on 22 September 2004.
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