UPDATE: 
     NEW YORK (AP Nov 29, 2012) – It looks like we haven’t seen the last of the Twinkie.
     Hostess Brands says it’s in talks with 110 potential buyers for the product lines that it makes — including Twinkies, Ding Dongs
and Ho Hos.
     A financial adviser for the company said in bankruptcy court
today that the suitors now include at least five national
retailers. He says the buyers are “serious” and that they are
ready to pay “substantial” amounts.
     The update on the sale of the brands came as Hostess looked for
court approval to give its top executives bonuses totaling up to
$1.8 million as part of its plans to wind down its operations.
     The company says the incentive pay is needed to retain
high-level company officials during the liquidation process, which
could take about a year.
     Two of the executives could get additional rewards, depending on
how efficiently they carry out the liquidation.
     The bakers union is asking the judge to appoint an independent
trustee to oversee the liquidation. The company announced plans to
liquidate after the union went on strike earlier this month.
    

 

 

 

The Associated Press – Twinkies won’t die that easily after all.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the Irving, Texas-based company won’t go out of business just yet.

The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.

The bankruptcy judge hearing the case says that the parties haven’t gone through the critical step of mediation and asked the lawyer for the bakery’s union to ask his client, who wasn’t present, if he would agree to participate.
The case is being heard by the U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y.