Nov 29 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.