Twinkies might not live forever, but they’ll at least be around a little longer. Hostess Brands on Wednesday said that despite filing for Chapter 11 bankruptcy, business will continue “as normal,” meaning the cream-filled snacks will keep rolling down the line for the foreseeable future.
The privately held company — which also carries the Wonder Bread and Nature’s Pride breadmaker labels under its umbrella — owes more than $1 billion across a range of 50,000 and 100,000 creditors, according to its bankruptcy filing. The largest chunks belong to pension funds, including a claim of $994 million by the Bakery & Confectionary Union & Industry International Pension Fund.
Hostess also owes its own employees about $21 million for “services rendered.”
The company said during the process, it will continue to roll out products such as its Twinkies — which have been churned out for more than 80 years — as well as Ho Hos, Zingers, Sno Balls and the rest. The company also said it does not plan to lay off any of its 19,000 workers.
– Kyle Woodley, IP.com Assistant Editor