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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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  1. Bakers Union Objects to Lost Jobs in Hostess Sales

    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...

  2. 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...

  3. Hostess creditor, PE firms show interest in Twinkies brand: NY Post

    Hostess Brands Inc creditor Silver Point Capital and hedge fund Hurst Capital have expressed interest in buying Hostess's snack cake brands, including Twinkies, the ...

  4. ConAgra, Cargill and CHS to Form Flour-Milling Venture

    ConAgra Foods Inc. (CAG), Cargill Inc. and CHS Inc. (CHSCP) said they will combine their North American flour-milling businesses into a multibillion-dollar joint ven...

  5. U.S. Attorney Files Objection to Sale of Hostess Brands

    FBN’s Adam Shapiro on the ongoing struggle to sell the bankrupt baker.

  6. Mexican Bakery Grupo Bimbo to Buy Hostess' Beefsteak

    Hostess said on Thursday Grupo Bimbo, a Mexico-based bakery, scored the top bid at an auction for its Beefsteak rye brand, while Flowers Foods (NYSE:FLO) is set to b...

  7. Flowers Foods Shares Rise On Hostess Bread Bid

    Shares of Flowers Foods Inc. rose Wednesday after reports it won a bid to acquire most of Hostess Brands Inc.'s bread brands for $360 million. Shares of Flowers Food...

  8. Exclusive: Flowers wins Wonder bread with unchallenged bid - source

    Flowers Foods Inc is set to buy Hostess bread brands including Wonder bread for $360 million after no other bidder stepped up to make a competing offer, a source fam...

  9. Report: Flowers Foods Snags Wonder Bread

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

  10. New York banker Gordian Group to advise Hostess' bakery union

    The union and pension fund for Hostess Brands Inc has hired Gordian Group, an investment bank specializing in distressed cases, to help preserve jobs and workers' be...

  11. BBU Recalls Bagels in Some States Due to Possible Metal Fragments

    Bimbo Bakeries USA parent company BBU Inc. said it has voluntarily recalled certain bagels due to the possible presence of metal fragments caused by a faulty manufac...

  12. Report: Wal-Mart, Kroger Circle Hostess Assets

    Wal-Mart Stores (NYSE:WMT) and Kroger (NYSE:KR) are reportedly eyeing some of the leftovers from bankrupt Twinkies and Wonder bread maker Hostess Brands.According to...

  1. Judge OKs Hostess's Twinkies, Ding Dongs sale

    Twinkies, Ding Dongs and Wonder Bread may soon be back in stores after a bankruptcy court judge on Tuesday approved sales of several iconic brands that had been owne...

  2. Sale of Hostess's Twinkies, Ding Dongs, Wonder brands approved

    Twinkies, Ding Dongs and Wonder Bread may soon be back in stores after a bankruptcy court judge on Tuesday approved sales of several iconic brands that had been owne...

  3. 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...

  4. 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...

  5. 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...

  6. WEEK AHEAD: Hostess Nears Bankruptcy Sales of Twinkies, Wonder Bread

    The fate of Twinkies, Wonder Bread and other beloved Hostess brands will be in a bankruptcy judge's hands Tuesday.Up for sale as part of Hostess Brands Inc.'s liquid...

  7. 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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