Updating a story we reported last year, Hostess Brands has found a potential buyer for Wonder Bread, as Flowers Foods Inc. has offered a bid $390 million for its bread brands.
Hostess filed for Chapter 11 bankruptcy last November after it failed to reach a deal with striking bakers.
The Wall Street Journal reported that Flowers, based out of Georgia, offered Hostess a bid for five major bread brands, 20 plants and 38 depots. In addition, the Flowers offered $30 million for Hostess’s Beefsteak rye brand.
The WSJ reports that as the leading bidder, Flowers will set the floor price for bids against other would-be buyers.
Hostess needs to get the sale of any brand approved by a bankruptcy judge. Chapter 11 bankruptcy allows businesses to continue to operate while looking for investors and buyers. Hostess is currently shopping other brands to potential buyers, including Twinkies and Ding Dongs.
If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.