Bankruptcy Law, Timothy Kingcade Posts

Bankruptcy Judge Approves Hostess’ Closing

One of America’s most well known baked goods producers, Hostess, announced its plans to close a couple of weeks ago. Hostess failed to come to an agreement with its workers’ unions prompting the company to ask permission from the courts to liquidate its assets. Judge Robert Drain gave preliminary approval for the company to start selling assets such as its bakeries, brands and recipes.
Approximately 15,000 of the 18,500 employed by Hostess will likely be terminated in the coming days. Main operations for the company have been closed since Friday, November 16th. Investment bankers have said that possible buyers are inquiring various brands and facilities owned by Hostess. Hostess’ CEO said plans to sell off assets would move as quickly as possible. Judge Drain scheduled another hearing regarding a request for approval of bonuses for 19 executives to oversee the liquidation process, equaling $1.75 million.
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