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Hostess Gets OK for Drake's, Bread Brands Sales

Hostess Brands won permission Tuesday to sell the last of its major cake and bread brands, as the bankrupt baking company continues to liquidate assets.At a Tuesday hearing, a bankruptcy court judge approved two sales. McKee Foods, which makes Little Debbie snack cakes, agreed to purchase cake brand Drake's for $27.5 million. A subsidiary of United States Bakery is buying some of Hostess' bread brands, Sweetheart, Eddy's, Standish Farms and Grandma Emilie's, in addition to four bakeries and 14 depots, in a $30.9 million deal.McKee's bid was unchallenged, while U.S. Bakery beat out Mexican bakery Grupo Bimbo and Hackman Capital Acquisition. U.S. Bakery opened the bidding at $28.9 million.Jones Day lawyer Lisa Laukitis told Judge Robert Drain that the buyers waiting for approval Tuesday are eager to finalize the transactions, according to Dow Jones Newswires. She added U.S. Bakery would like to get its newly purchased goods back on store shelves in time for the summer bun season, when ba...

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  5. Flowers Foods Shares Rise On Hostess Bread Bid

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    Flowers Foods' (NYSE:FLO) $360 million bid for Hostess bread brands including Wonder bread went uncontested, Reuters reported Wednesday.Citing a source familiar with...

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  10. WEEK AHEAD: Hostess to Hold First Bankruptcy Auction

    Hostess Brands Inc. will send its first group of brands, including Wonder Bread, to the auction block next week as part of its bankruptcy liquidation.Flowers Foods I...

  11. Hostess Wins Approval for Sale Plans

    Hostess Brands won permission to put some of its brands, including Twinkie, up for auction as bankruptcy proceedings continued Monday.On Monday, Judge Robert Drain o...

  12. Hostess Cleared to Auction Off Cake, Bread Assets

    Hostess Brands Inc. won permission to place a veritable smorgasbord of baked goods, including its Twinkie brand, on the auction block as it continues selling off its...

  1. Court OKs Sale of Hostess Cake and Bread Brands

    A bankruptcy court judge approved some of the sales announced by Hostess Brands in recent weeks, paving the way for iconic Twinkies and other snacks to return to sto...

  2. Hostess Wins Approval for $800 Million in Cake, Bread Sales

    A judge cleared Hostess Brands Inc. to hand over its most popular cake and bread brands to a bevy of buyers, some of whom are hoping to get treats like Twinkies back...

  3. Hostess Fights Objections Ahead of Next Week's Asset Sales

    Hostess Brands Inc. is defending the upcoming sales of its various bakery businesses against the objections of its bakers union and others, arguing the deals are its...

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  5. Little Debbie Maker to Buy Drake's Brand From Hostess For $27.5 Million

    Hostess Brands Inc. on Thursday named McKee Foods Corp. the winning bidder for its Drake's brand of coffee cakes and other treats, as no other bidder topped McKee's ...

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    The bakers union whose strike crippled Hostess Brands Inc. and ultimately drove it to liquidate continues to blast sale plans that the union maintains "unfortunately...

  7. Report: Hostess Creditor, PE Firms Show Interest in Twinkies Brand

    Hostess Brands creditor Silver Point Capital and hedge fund Hurst Capital have recently expressed interest in the bankrupt company's snack cake brands, including Twi...

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