Hedge fund Brencourt Advisors has filed a letter it sent to Interstate Bakeries Corporation with the US Securities and Exchange Commission (SEC) seeking the company to hold an annual shareholders meeting.
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The hedge fund, one of Interstate’s largest shareholders has also filed a suit with the Chancery Court of Delaware to compel the Kansas City, Missouri-based company to hold a shareholders’ meeting and elect new directors.
Brencourt Advisors chairman and chief executive officer William L Collins said in the letter: “I am writing to inform you of our decision to request the Delaware Chancery Court to compel a shareholder meeting to elect new directors to IBC’s board of directors. Such action is necessary if IBC is to successfully restructure and maximise value for all constituents – creditors, shareholders, management and employees.”
