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From: "Tom Mosler" <
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Cc:
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Subject: Fat-assed union gluttons kill another American company. Goodbye
Hostess Twinkies.
Message-ID: <
8ba752bf0c1879661aacdadbcb521c8a@slug.slugish.net>
Date: Fri, 16 Nov 2012 15:49:20 -0500 (EST)
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Nov 16 (Reuters) - If Hostess Brands wins court approval to
liquidate next week, it is likely to encounter substantial
demand for its portfolio of iconic snack cakes and baked goods
like Twinkies and Wonder Bread, investors and industry experts
said on Friday.
Hostess said Friday morning it would seek to liquidate starting
Tuesday after members of its bakers' union refused to end a
strike. More than 18,000 people could ultimately lose their jobs
as a result.
Experts who are familiar with Hostess Brands and its bankruptcy
said the company's plan to close was not a tactic aimed at
ending the bakers strike, which crippled production.
"I think it's credible and sad," said Greg Milmoe, an attorney
with Skadden, Arps, Slate, Meagher & Flom. He said the company
came a "hair's breadth" from liquidating during the last trip
through Chapter 11 that began in 2004, which he oversaw.
Liquidators have been putting together proposals to land the
assignment of selling the company's brands, which also include
Drake's and Dolly Madison, as well as real estate, bakeries and
equipment.
The brand names were likely to be more valuable once they are
separated from inefficient factories and sold to non-union
competitors, according to restructuring specialists.
http://www.reuters.com/article/2012/11/16/hostess-bankruptcy- sale-idUSL1E8MGAFR20121116
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