Hostess says near deal to sell Drake's cake unit

[Omaha Steve]

Source: Chicago Tribune-Reuters

Hostess Brands Inc. plans to submit an agreement next week to sell its Drake's cake business as part of its bankruptcy reorganization, a lawyer for the company said on Friday.

Heather Lennox, an attorney for Hostess, told a court in White Plains, New York, that Hostess was also in advanced discussions with a number of parties for the remainder of its snack business, which includes Twinkies, according to a spokesman for Hostess.

Lennox also told the court that Hostess expects to file an agreement for the other brands in the near term, according to the spokesman, Thomas Becker.

It was not immediately clear who the agreements would be with, but private equity firm C. Dean Metropoulos said earlier this week that it was working on a deal for some Hostess brands.

FULL story at link.

Read more: http://www.chicagotribune.com/business/breaking/chi-hostess-says-near-deal-to-sell-drakes-cake-unit-20130125,0,4466088.story

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http://www.bctgm.org/2013/01/court-approves-stalking-horse-bidding-procedures-for-hostess-breads-in-bankruptcy/

And this: BAKERY, CONFECTIONERY, TOBACCO WORKERS and GRAIN MILLERS INTERNATIONAL UNION (“BCTGM”) ISSUES STATEMENT

Kensington, MD, January 25, 2012 – In Response to the Recently-Concluded Court Hearing to Approve Stalking Horse Bidding Procedures for the Bread Business in the Hostess Bankruptcy, BCTGM International President David B. Durkee Issued the Following Statement on Behalf of all BCTGM Members:

“Today’s hearing on the stalking horse auction procedures for key bread assets sets the ground rules for a competitive bidding process for products including the Butternut®, Home Pride®, Merita®, Nature's Pride® and Wonder® brands. Today’s announcements move these iconic brands one step closer to getting back to business.

The goal is clear: for new ownership to emerge that values these assets and is committed to quickly restoring them to shelves across America before any additional brand erosion occurs. The BCTGM is integral to this objective, as our members have the experience, expertise, and capability to provide “turn-key” operations going forward.

We look forward to an active and engaged process in this regard, and to discussions with all interested bidders across the Bread and Snack Cake businesses.”

[virgogal]

1. Mmmmm! Funny Bones.

[rox63]

2. I loves me some Funny Bones

[roseBudd]

3. This is the Drakes Coffee Cake from Seinfeld

[Ken Burch]

4. Wouldn't it be great if THIS guy won the bidding?

[graham4anything]

6. That is clever.

But I wonder how many people know who this is.

[Ken Burch]

9. Millions...anybody who's into hip-hop, follows "TMZ" or even used to watch "Degrassi High".

Kudos to you for getting it just from the picture, though.

[graham4anything]

5. Devil Dogs RingDings Yodels...except they all really are very, very bad to eat in 2013

this stuff is, at the end of the day, the reason America is so obese.

These things are 100% bad.

Sure, as kids we love this stuff (and Kool Aid too) and Sugar Smacks and Sugar Crisps cereal

but in 2013, we know now, this stuff is really really bad.

Nice and comforting to know they might continue, but this is the reason people's medical bills are so high. Things we never thought or cared about many decades ago.

Wish that weren't true, but it is.

[dwilso40641]

7. The Twinkies that we ate

as we grew up have no comparison with what they put out to day.

[graham4anything]

8. do you mean the drakes we ate then are made different now?

or that people didn't know it was bad then?

[Dr_Scholl]

10. Screw Drake's cake

Where's my goddamn Twinkie?!