The US Bankruptcy Court has approved proposed changes to the board of directors of Interstate Bakeries.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Having previously disputed the management shuffle, the creditors of the bankrupt maker of Twinkies and Wonder Bread filed an amended motion with the company that saying they had settled their differences. The two groups asked the court to approve the settlement, which included plans for a board with fewer members and made provisions for the appointment of a new chief executive officer.
The board will now comprise of seven members rather than nine. Five of the current board will lose their positions while four, Robert Calhoun, Michael Anderson, William Mistretta and David Weinstein, will continue to sit on the board. Two new members, David Pauker and Terry Peets, will immediately join the board. The seventh board member will be the new CEO.
“With the settlement approved by the court, the company and its various constituency groups can continue to work together productively and focus all of their energy on IBC’s restructuring efforts,” Interstate Bakeries’ interim CEO Tony Alvarez II said in a statement.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
