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Twinkie maker files updated reorganization plan
Article online since October 6th 2008, 23:00
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KANSAS CITY, Mo. - The maker of Hostess Twinkies and Wonder Bread has filed a new plan for exiting more than four years of bankruptcy.
Interstate Bakeries Corp. filed the plan this past weekend in U.S. Bankruptcy Court in Kansas City. It lays out almost $600 million in financing Interstate Bakeries would receive from lenders and investors.
A bankruptcy judge will consider the plan at an Oct. 30 hearing to decide if it is complete enough to send to the company's creditors for their review and approval.
Silver Point Capital LP and two other lenders would provide $464 million in post-bankruptcy financing while investment fund Ripplewood Holdings would invest $130 million.
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