In an update to our Friday blog post, a bankruptcy judge has approved the sale of Hostess Inc.’s Twinkies brand to two investment firms for $410 million. The Associated Press reported that Hostess successfully sold Twinkies, along with other snack brands including Ding Dongs and Ho Hos, to Apollo Global Management and Metropoulos & Co.
Metropoulos, which owns Pabst Beer, said it would have snack products on store shelves by this summer. The judge also approved the sale of Wonder and other breads to Flowers Foods, which makes Tastykakes. According to the AP, Flowers will also get Nature’s Pride, Butternut, Home Pride and Merita as part of the $360 million deal. Hostess also sold Beefsteak to Grupo Bimbo for $31.9 million.
The brand sales come after Hostess filed for Chapter 11 bankruptcy last November. The company failed to reach an agreement during mediation with strikers from the Baker, Confectionary, Tobacco Workers and Grain Millers’ International Union. An individual who has unsecured debt may be facing the same difficult decisions as Hostess. Chapter 7 bankruptcy allows you to discharge unsecured debt, like credit card debt or medical bills, which often go unpaid when financial issues arise.
If your financial situation is a problem and you want to end collection attempts, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.