Hostess Brands Inc, a wholesale baker, is again preparing to file for Chapter 11
bankruptcy protection this week, The
Wall Street Journal reported, citing people familiar with the matter.
This would be second court restructuring for Ripplewood Holdings-owned Hostess, which filed for bankruptcy almost two years ago and had emerged from it last September.
Irving, Texas-based Hostess has arranged for about $75 million in debtor-in-possession financing to keep it afloat during bankruptcy proceedings, the sources told the paper.
Once in bankruptcy court, the maker of Twinkies and Wonder Bread will try to reduce debt and renegotiate labor contracts, the newspaper said.
The
company continues to face a cash crunch despite Ripplewood Holdings investing $40 million, while Monarch Alternative Capital, Silver Point Capital and others loaned the company $20 million late last year, the paper said.
Hostess, which carries over $860 million in debt, declined to comment when contacted by Reuters.
Read more: http://www.foxbusiness.com/industries/2012/01/10/twinkies-maker-to-file-for-bankruptcy-again-report/#ixzz1j42gBe6N
Any of you who were fans of Rosie O'Donnell's Radio Show know Janette Barber, a long time friend of Rosie's, as well as executive producer of the show. Since Rosie left SiriusXM for her TV show on OWN, Janette has had her own radio show... first, one day a week, and now she is up to two days each week. If you love listening to Janette and crew as much as I do, join us in writing SiriusXM and sharing how much you love listening to them!
Part of their campaign is to add Smarties candies to your note... since they would obviously be very smart to add the show to programming 5x per week!
