Hostess Brands has received court approval to proceed with the sale of a swathe of brands, including Twinkies and Wonder Bread, in a series of deals worth around US$800m.
The approvals move the US company closer to completing its liquidation process, which would enable it to pay down around $1bn in debt.
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Hostess will sell its snack cakes business, including Twinkies, to private-equity firms Metropoulos and Apollo Global Management for $410m.
The court also approved the sale of Wonder Bread, along with most of Hostess’s other bread brands, to Flowers Foods for around $360m.
Meanwhile, Grupo Bimbo will move forward with its $31.9m acquisition of the Beefsteak brand, a deal that was also signed-off by the bankruptcy court.
At the beginning of next month, Hostess will ask the bankruptcy court to clear its planned sale of Drake’s to McKee Foods and the Sweetheart, Eddy’s, Standish Farms and Grandma Emilie’s bread brands to United States Bakery.
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