Hostess liquidation approved by bankruptcy judge


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Updated: 11/21/2012 9:52 pm Published: 11/21/2012 2:57 pm


WHITE PLAINS, N.Y. (AP) - A bankruptcy court judge is approving a request by Hostess Brands Inc. to begin winding down its operations.

The ruling came Wednesday after the maker of Twinkies and Ding Dongs failed in last-ditch negotiations to end a strike by its second-largest union.

Hostess now has the green light to terminate the jobs of its 18,000 workers and sell off its brands, that includes 160 jobs at a Tulsa Hostess bakery.

In court Wednesday, Hostess said it needed to begin the liquidation process quickly to take advantage of outside interest in its brands, which a banker said could fetch up to $2.4 billion. That's about how much they generate in annual sales.

Hostess, based in Irving, Texas, has been spending about $1 million a day in payroll without any income since it halted operations last week.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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The views expressed here do not necessarily represent those of KOKI FOX23 - Tulsa

Mayor Maynot - 11/24/2012 11:43 AM
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USe it to slop the hogs.

billw001 - 11/21/2012 3:15 PM
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How is that union working out for the employees now?
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