The maker of Hostess Twinkies, Cupcakes, and Zingers has filed for Chapter 11 bankruptcy protection for the second time in less than eight years. The company last emerged from bankruptcy in 2009. Privately held Hostess Brands Inc. reported assets valued at between $500 million and $1 billion and liabilities of more than $1 billion.
More than $944 million of the liabilities are owed to the Bakery & Confectionary Union & Industry International Pension Fund. The company’s second largest creditor is another pension fund which is owed nearly $12 million.
The company has raised $75 million in debtor-in-possession financing to continue operations during the bankruptcy proceedings. Hostess employs about 19,000 workers and annual sales top $2 billion.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
