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.
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