Interstate Bakeries Corp. (IBC), the bankrupt US baker, said today (12 January) that the company is “hopeful” of securing a financing deal that will allow it to emerge from bankruptcy after more than four years.
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IBC remains in talks with potential lenders over a possible US$600m financing package that would give the company the funds it needs to operate after leaving Chapter 11.
Reports in the US have claimed that IBC has yet to strike a deal with General Electric Capital Corp. and GE Capital Markets on a tranche of the the funding worth some $125m.
However, a spokesman for IBC refused to comment on the “specifics” of the negotiations but he claimed the company is looking to reach a deal as soon as possible.
“Negotiations are ongoing and the company is hopeful of reaching an agreement with all lenders. There are three parties in the financing agreement and the company has to have agreement with all three parties in order for the financing to come together,” the spokesman said.
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By GlobalDataIBC , which makes brands including Hostess and Twinkie, faces a deadline of 9 February on its debtor-in-possession financing.
“Everyone’s interest is in getting the negotiations complete and for the company to come out of bankruptcy sooner than that,” the spokesman said.
