Ailing US baker Interstate Bakeries Corp. (IBC) has been saved from liquidation, according to the Teamsters union.
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The union said yesterday (20 August) it had “worked through the night” to secure a deal with investor Ripplewood Holdings and IBC’s creditors.
Under the deal, the Twinkie bread maker will be able to emerge from four years of bankruptcy as a stand-alone company.
“After what looked like a drop off in negotiations, I’m pleased to announce that we were able to broker a settlement very late last night,” said Richard Volpe, director of the Teamsters Bakery Workers Conference. “Our priority from the beginning was to help IBC find a plan that would preserve the best chance for the company’s long-term viability.”
Teamsters general president Jim Hoffa added: “This deal is important in IBC’s recovery from bankruptcy as we work to protect our members’ jobs.”
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By GlobalDataThe union said that details of the plan would be announced in the “next several weeks”.
Officials at IBC could not be reached for immediate comment.
