Hostess Brands nears deal for Drake's - lawyer

Fri Jan 25, 2013 1:16pm EST

Jan 25 (Reuters) - Hostess Brands Inc plans to submit an agreement next week to sell its Drake's cake business as part of its bankruptcy reorganization, a lawyer for the company said on Friday.

Heather Lennox, An attorney for Hostess, told a court in White Plains, New York, that Hostess was also in advanced discussions with a number of parties for the remainder of its snack business, which includes Twinkies, according to a spokesman for Hostess.

The company expects to file an agreement in the near term, she said.