Posted on Wednesday, January 11th, 2012 at 7:48 pm
Hostess Brands, Inc. filed for Chapter 11 bankruptcy protection this Wednesday, claiming that increased competition, poor economic conditions, and its pension and medical benefits obligations are to blame for its financial woes.
The Irving, Texas-based company says it owe s$944.2 million to its largest creditor and $11.8 million to its second largest creditor. Hostess, the maker of Twinkies, Ding Dongs, Ho-Hos, and Wonder Bread, says it will remain in operation throughout the bankruptcy proceedings.
Hostess Brands, Inc. operates in 49 states and employs about 19,000 people. The president and CEO of the company says it attempting to revise its collective bargaining agreements with its unions.
If you are considering filing for Chapter 11 bankruptcy protection, contact a Houston Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., at 713-973-6650.