Hey there, time traveller!
This article was published 23/6/2013 (1265 days ago), so information in it may no longer be current.
NEW YORK -- Hostess Brands, the bakery company emerging from a second bankruptcy proceeding in four years, is preparing to resume selling its iconic snack cake, the Twinkie, nationwide in the U.S. on July 15.
The company, which filed for bankruptcy in January 2012 less than three years after emerging from a first filing, plans to revive its complete line of snack cakes, according to Hannah Arnold, a company spokeswoman.
Hostess is owned by Apollo Global Management and C. Dean Metropoulos & Co., whose combined offer of as much as $410 million for the company's snack-cake enterprise was the only one submitted during the bankruptcy process in March. The spongy yellow cakes went out of production, prompting bidding wars for boxes on auction sites such as eBay.
Other Hostess products include CupCakes, Ding Dongs and Ho Hos.
Hostess, founded in 1930, liquidated its brands, recipes, plants and other assets after failing to reach an agreement with striking bakers on concessions to help the company emerge from its second bankruptcy.
The company emerged from an earlier bankruptcy in 2009 under the control of the buyout firm Ripplewood Holdings and lenders. The company, previously known as Interstate Bakeries, changed its name to Hostess Brands in October of that year.
-- Bloomberg News