Interstate Bakeries Corporation has reached an agreement with lenders, creditors and investors to revamp its board of directors.
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Interstate said in an SEC filing that the settlement reconstitutes its board to include seven directors instead of nine. The Hostess Twinkies and Wonder Bread manufacturer will do this by adding two new directors, and with the company’s new CEO, when hired, joining the board as its seventh member.
Under the terms of the settlement, the remaining five current directors will no longer serve on the board, Interstate said.
The bakery has filed an amended motion with US Bankruptcy Court for the Western District of Missouri, which amends a motion seeking to compel the company to convene an annual meeting of shareholders.
Interstate, which filed for bankruptcy in 2004, submitted a series of overdue financial reports with the Securities and Exchange Commission (SEC) before Christmas (22 December).
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By GlobalDataA hearing on the amended motion is currently scheduled for Friday (5 January 2007).
