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Tue December 9, 2008
Judge Approves Interstate Bakeries Reorganization
Kansas City, MO – The commercial baking industry is watching closely as Interstate Bakeries Corporation creeps back out of bankruptcy. It was a shock when the Lenexa-based company filed for Chapter 11 bankcruptcy four years ago. The owners of Hostess and Wonder Bread, among other familiar lines, had long been the largest commercial bakery in the United States.
On Friday, a federal bankruptcy judge put his stamp on a complex roadmap for reorganization. It includes major financing from a New York investment firm and outside lenders, and concessions from creditors and unions. But some 22 thousand workers are expected to keep their jobs. More from KCUR's Laura Ziegler.