The Kansas City-based bakery group Interstate Bakeries, which has been in bankruptcy protection since 2004, has filed a series of overdue financial reports with the Securities and Exchange Commission (SEC), thereby meeting the regulator’s deadline for submitting the delayed reports.
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The SEC had threatened to deregister the company’s stock if the deadline was not met.
The filings have been delayed owing to an investigation into how Interstate set aside money for future workers’ compensation claims and restated earnings going back to 2004, while the company is also working to develop a plan of reorganisation under Chapter 11 bankruptcy regulations.
The SEC this week accepted a settlement of the investigation, under which the company did not admit or deny guilt, but promised not to violate securities regulations in the future.
The filings revealed that Interstate, which produces the Wonder Bread and Twinkies brands, reduced annual losses from US$379.3m in 2005 to $128.3m in the 2006 fiscal year, with sales falling by 10% $3.06bn.
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By GlobalDataHowever, in the most recent quarter to 26 August, the company posted increased losses of $26.3m, up from $7m in the corresponding quarter last year, on revenues down 8% at $684.3m.
