IRVING, Texas — Hostess Brands here said Monday it is scheduled to meet with its bakers’ union Tuesday in a last-ditch effort to save the company.
Hostess, maker of Wonder Bread, Twinkies, and other baked-goods brands, said on Friday that it had begun shutting down its operations and planned to seek bankruptcy court approval to liquidate its assets, after the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union went on strike against the firm. Hostess had filed for Chapter 11 Bankruptcy reorganization in January and was seeking concessions from the union.
According to a report Monday on the New York Times DealBook, Judge Robert D. Drain of the Federal Bankruptcy Court for the Southern District of New York asked the two sides to meet once more in an effort to stave off liquidation, which would result in the layoff of some 18,500 workers.
Hostess confirmed it would enter negotiations with the union and said it would again seek court approval to liquidate on Wednesday if mediation is not successful.
The New York Times report also noted that several potential buyers for all or part of the company had emerged.
Read more: Hostess Seeks Liquidation
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