Hostess Says It Has Hundreds of Offers to Buy Brands
6 months ago
A Twinkies bidding war is happening
Despite being crippled by an evil union that gave the company no choice but to close down, Hostess Brands' management will likely make out like bandits as it "winds down" and goes out of business.
Company reps say Hostess is in talks with more than 100 parties interested in buying its brands, which include Twinkies, Ding Dongs, Ho Hos and Wonder Bread.
‘‘Not only are these buyers serious, but they are expecting to spend substantial sums,’’ a banker for the company said in bankruptcy court Thursday.
Hostess has also asked a U.S. Bankruptcy Court to allow it to give top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company insists the incentive pay is necessary to help the 19 corporate officers and ‘‘high-level managers’’ get through the liquidation process, which could take about a year.