Hostess liquidation draws scores of potential bidders
Nov 29 (Reuters) - Hostess Brands Inc, the bankrupt maker of Twinkies snack cakes, has signed non-disclosure agreements with 70 parties interested bidding for the company's assets as it liquidates, Hostess's banker told a court hearing on Thursday.
Six of the parties have hired large investment banks, according to Joshua Scherer of Perella Weinberg, who was hired by Hostess to sell its assets. He said that hiring bankers indicated these parties were expecting to spend hundreds of millions of dollars.
Scherer also said that in recent days large national retailers had contacted Hostess about its businesses.
Scherer was testifying at a hearing in U.S. Bankruptcy Court in White Plains, N.Y., where Hostess was seeking final approval to begin selling its assets and go out of business.
Hostess abandoned plans to reorganize after a bakers' union went on strike this month.
The case is In re: Hostess Brands Inc et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-22052.
- Thousands of Gaza civilians flee after Israeli warning |
- Russia threatens Ukraine after shell crosses border
- Three dead, two wounded in Pasadena, California shootings
- Teen survivor of Texas shootings says slain family members 'in much better place'
- REFILE-UPDATE 3-Thousands of Gaza civilians flee after Israeli warning