Hostess Brands Strike
A Wonder Bread truck pulls out of the Utah Hostess plant in Ogden, Utah, Thursday, Nov. 15, 2012. Hostess Brands Inc. said it likely won't make an announcement until Friday morning on whether it will move to liquidate its business, after the company had set a Thursday deadline for striking employees to return to work. The maker of Twinkies, Ding Dongs and Wonder Bread said Thursday it will file a motion in U.S. Bankruptcy Court to shutter operations if enough workers don't return by 5 p.m. EST. That would result in the loss of about 18,000 jobs, including hundreds in Ogden. (AP Photo/Rick Bowmer)
Posted: Monday, November 19, 2012 9:18 am
Updated: 9:47 am, Mon Nov 19, 2012.
DETROIT (AP) - Twinkie lovers, relax. The tasty cream-filled golden spongecakes are likely to survive, even though their maker will be sold in bankruptcy court.
Hostess Brands Inc., baker of Wonder Bread as well as Twinkies, Ding Dongs and Ho Ho's, will be in a New York bankruptcy courtroom today to start the process of selling itself.
The company, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring.
Instead, it's asking the court for permission to sell assets and go out of business.
Monday, November 19, 2012 9:18 am.
Updated: 9:47 am.