Struggling US wholesale baker Interstate Bakeries Corporation (IBC) has announced that the Securities and Exchange Commission (SEC) has issued a formal order of private investigation into issues that were previously the subject of an informal inquiry by the SEC.
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IBC said the formal investigation appears to concern matters related to a previously announced investigation by the company’s audit committee into the company’s manner for setting its workers’ compensation reserves and other reserves.
The company said it is cooperating fully with the SEC and will continue to do so.
Interstate Bakeries, whose brands include Wonder, Hostess and Dolly Madison, filed for Chapter 11 bankruptcy protection on 22 September 2004 in order to complete an operational and financial restructuring.
