Hostess Brands, maker of Twinkies and Wonder Bread, is seeking bankruptcy protection, blaming its pension and medical benefits obligations, increased competition and tough economic conditions…
The privately held company, based in Irving, Texas, said it will be able to maintain routine operations thanks to a $75 million financing commitment from a group of lenders led by Silver Point Capital…
The company said it does not anticipate any disruptions in production or delivery of its breads or cake products and said its popular brands, which also include Drake’s, Ding Dongs and Ho Hos, will still be available.
Hostess said it is looking to “create a sustainable cost structure with competitive employee benefit plans.” It also hopes to modernize its systems, fleets and plants to keep pace with customer needs.
“This company has tremendous potential if we can remove the barriers to success,” Driscoll said.
Ever consider that a possible barrier to success might be continuing to produce nothing but crap food?
Millions of years from now, archaeologists will be digging in the ruins of North America, and they’ll unearth a tasty treat so well preserved that they’ll suspect that their digging site has been contaminated with modernity. They may never realize that it was produced in a completely different era by early ape-like creatures known as homo sapiens who, although primitive beings, invented wonderfully advanced chemical preservatives and showcased these chemicals in a delightful product called “Twinkie.”
Mitt Romney has an even higher calling than the presidency. He and Bain Capital need to save America’s great iconic Hostess company so it can be preserved as well as its snack cakes.