by Nate Wooley | November 30, 2012 9:34 am
Bankrupt bakery Hostess says a whopping 110 buyers have expressed interest in acquiring its brands.
The names of the interested bidders are not being released; however, representatives for the bankrupt bakery say that the list includes several national retailers, reports The Boston Globe. The interest is in acquiring the products, such as Wonder Bread, Twinkies and CupCakes, rather than the entire firm. By only purchasing the products, whatever firm acquires them avoids also acquiring the debt and other obligations that forced the firm into bankruptcy.
Hostess got approval from the court for its bankruptcy plans on Thursday. That gives the company permission to move forward with the sale, as well as arranging for the final elimination of the final 3,000-plus employees still on staff. In total, more than 18,000 workers will lose their jobs as the firm winds down.
As a part of the approval, the court also gave permission for Hostess to pay its executives up to $1.8 million in bonuses for meeting specific goals relating to the firm’s budget and liquidation.
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