Interstate Bakeries has been denied a motion to stop trading its stock, costing the company US$90m. The motion would have enabled the wholesale baker and distributor to preserve net operating losses from the past few years, reported business website Thedeal.com.
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According to the report, Judge Jerry Venters, of the US Bankruptcy Court for the Western District of Missouri in Kansas City, denied restricted trading by holders of more than 4.5% of the company’s stock.
Kansas City-based Interstate, which owns the Wonder, Hostess Baker’s Inn and Home Pride brands, filed for Chapter 11 bankruptcy on 22 September 2004.
