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News Summary: Judge OKs Hostess Wind Down Plan

By Associated Press
Published On: Nov 30 2012 06:41:08 AM CST
UNITED STATES -

HOCKING HOSTESS: Hostess Brands Inc. got final approval in bankruptcy court for plans to wind down, a process that includes the sale of its brands and the loss of about 18,000 jobs.

BONUS BUCKS: The judge approved bonus pay totaling up to $1.8 million for 19 executives. The company says the incentives are needed to keep them on board for the liquidation process, expected to take about a year.

SNACK CAKE FUTURE: An investment banker for Hostess said in court that the company is in talks with 110 potential buyers. He said interest in Hostess brands has been enormous.