Interstate Bakeries Reorganize

1 decade 1 year 1 week ago Wednesday, November 07 2007 Nov 7, 2007 Wednesday, November 07, 2007 4:55:43 AM CST November 07, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
KANSAS CITY (AP) - Interstate Bakeries has filed a reorganization plan to end more than three years of bankruptcy, just days before a bankruptcy court showdown with its largest union. The Kansas City-based maker of Hostess Twinkies and Wonder Bread says it has 400 million dollars in financing from a specialty lender. It also reports initial approval from 95 percent of the holders of the company's pre-petition debt. The plan must be approved by a court, but it effectively blocks an attempt by a Los Angeles-based investment firm to buy Interstate Bakeries. That group made its proposal Friday, saying it wouldn't require outside financing and would give creditors a better deal than Interstate Bakeries could offer.

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