A US bankruptcy court has given Interstate Bakeries Corp. the green light to solicit for financing to fund its plans to revive the business.
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Silver Point Finance has already agreed to give the US bread maker up to $400m in financing if the company’s emerges from Chapter 11 proceedings.
CEO Craig Jung, who has helped draw up IBC’s recovery plan, said the court’s decision signalled the company had a “credible business plan”.
However, its proposals remain subject to the approval of the Teamsters union, which has been highly critical of the Jung-backed strategy.
The union also backed a rival consortium that had indicated interest in buying IBC but ultimately did not table a firm proposal for the Twinkies bread maker.
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By GlobalData“Our sincere hope is that the Teamsters understand that management continues to be available and open to reaching a mutually acceptable agreement,” Jung added.
