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Twinkies Last Forever, But Its Owner May Not
By
Garth Johnston
Published Dec 22, 2011
Modified Dec 22, 2011
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By
Garth Johnston
Published Dec 22, 2011
Modified Dec 22, 2011
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These are tough times for Twinkies fans. Only two years after coming out of bankruptcy it appears that Hostess Brands, which owns Twinkies and Wonder Bread among other indestructible food brands, may be about to declare Chapter 11 again. The company hired restructuring advisors earlier this year and reportedly "has not been paying future pension benefits since August, thereby breaking its union contracts."
Though the company is not commenting, it appears it cannot afford to pay off its $700 million in outstanding loans, so it is trying to break its union contracts. But the unions aren't about to give an inch. A Hostess worker tells the Post, "We understand that, should we pursue some form of legal action to require the company to live up to the terms of the contract, they may close, but we have come to believe that they will close anyway. We believe the company is poorly managed and the only hope is a complete change in management."
Considering that the last time Hostess was in Chapter 11 it stayed there for four and a half years, if it does it again it will likely have to liquidate many of its brands to pay off its loans (and then, eventually, its union debts). So, if you've been itching to bring the Wonder Bread factory back to the city, start saving now!
Tagged
bankruptcy
chapter 11
hostess
twinkies
wonder bread
Garth Johnston
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