tag:blogger.com,1999:blog-26981669.post7369149150772184874..comments2024-03-23T10:55:30.196-05:00Comments on Cold Fusion Guy: As the Twinkie TurnsJim Peethttp://www.blogger.com/profile/07649414726939918803noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-26981669.post-44607088258352584742012-11-21T21:20:23.955-06:002012-11-21T21:20:23.955-06:00Bankruptcy judge approves Hostess liquidation:
Ho...<a href="http://lifeinc.today.com/_news/2012/11/21/15337294-bankruptcy-judge-approves-hostess-liquidation" rel="nofollow">Bankruptcy judge approves Hostess liquidation</a>:<br /><br /><i>Hostess Brands Inc on Wednesday won permission from a U.S. bankruptcy judge to begin shutting down, and expressed optimism it will find new homes for many of its iconic brands, which include Twinkies, Drake's cakes and Wonder Bread.<br />U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., authorized current management, led by restructuring specialist Gregory Rayburn, to immediately begin efforts to wind down the 82-year-old company, a process expected to take one year.<br />"It appears clear to me that the debtors have taken the right course in seeking to implement the wind-down plan as promptly as possible," Drain said near the end of a four-hour hearing.<br />The judge authorized Hostess to begin the liquidation process one day after his last-ditch mediation effort between the Irving, Texas-based company and its striking bakers' union broke down.<br />Hostess CEO Gregory Rayburn testified at a bankruptcy hearing Wednesday that he will have to terminate 15,000 employees immediately. Most of the remaining 3,200 workers are expected to be let go within four months. </i>Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.comtag:blogger.com,1999:blog-26981669.post-40005608931228924492012-11-20T20:15:48.188-06:002012-11-20T20:15:48.188-06:00NYTimes: Hostess Brands Says It Fails to Reach Lab...NYTimes: <a href="http://dealbook.nytimes.com/2012/11/20/hostess-brands-says-it-fails-to-reach-labor-deal-in-mediation/" rel="nofollow">Hostess Brands Says It Fails to Reach Labor Deal in Mediation</a>:<br /><br /><i>“It’s over,” said David Durkee, secretary-treasurer of the Bakery, Confectionery, Tobacco Workers and Grain Millers Union.<br /><br /></i>Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.comtag:blogger.com,1999:blog-26981669.post-73819922728629826342012-11-20T19:20:00.847-06:002012-11-20T19:20:00.847-06:00Mediation fails: Hostess Plans to Liquidate After ...Mediation fails: <a href="http://online.wsj.com/article/SB10001424127887323713104578131502378821868.html" rel="nofollow">Hostess Plans to Liquidate After Mediation Fails</a>:<br /><br />Meanwhile, some Hostess workers in another union awaiting the mediation results criticized Mr. Hurt, the 20-year president of the bakers union, who defended his decisions and actions during the company's bankruptcy process.Jim Peethttps://www.blogger.com/profile/07649414726939918803noreply@blogger.com