Interstate Bakeries has asked to US Bankruptcy court to protect it from its largest shareholder’s demands that it elect new directors.
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Brencourt Advisors, which holds an 8.4% state in the company, brought a case before the Chancery Court of Delaware to force Interstate to hold an annual meeting and elect new directors.
Interstate has been reorganising under Chapter 11 since September 2004. In a motion filed Wednesday (29 November), the company said the bankruptcy court should have the final say over Interstate’s corporate governance issues.
The company warned that while it has made progress in its reorganisation, should Brencourt successfully elect new directors the move could have serious consequences for the company’s financial progress.
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