Hostess
is filing for bankruptcy, but you will still be able to get your
Twinkies. Hostess Brands Inc. said it had secured funding to maintain
operations while going through bankruptcy proceedings. In court
documents, the maker of Twinkies and Wonder Bread said it had $75
million in commitments from lenders to keep operating during its second
restructuring in recent years. The company, which has headquarters in
Irving, Texas, said its current operation “is not competitive, primarily
due to legacy pension and medical benefit obligations and restrictive
work rules.” The company has contracts with 12 unions and is negotiating
to reach new agreements. Of its 19,000 workers, 83% are union members.
Hostess said labor was the core issue.
