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The Hostess with the most-ess....debt.
http://www.cbsnews.com/8301-505123_162- ... ankruptcy/" onclick="window.open(this.href);return false;

Their biggest debt? Union pensions. Maybe they should liquidate and give the company to the pension fund. Then the union can negotiate with the union to lower labor costs so the pension fund doesn't fail.

I'm going out Thursday and BUY EVERY TWINKIE I can find

smoothoperator wrote:The Hostess with the most-ess....debt.
http://www.cbsnews.com/8301-505123_162- ... ankruptcy/" onclick="window.open(this.href);return false;

Their biggest debt? Union pensions. Maybe they should liquidate and give the company to the pension fund. Then the union can negotiate with the union to lower labor costs so the pension fund doesn't fail.

I would buy a ticket to watch that.

I wasn't going to worry about this because I switched to Zinger's years ago, but just looked and found that they too are made by Hostess.

Why is it their second bankruptcy? Would'nt the first bankruptcy have cleaned out the pension debt, or did they then agree to more bad deals with the union and the union actually believed them again.

A friend of mine works for Hostess and has been very worried about his job....and he's not a union line worker, he's a food safety engineer

They announced this morning that they will continue to make snack cakes and are not going out of business.

It is not uncommon for a business to file bankruptcy, continue to operate while bringing in consultants to help them get back on their feet and lucrative enough for someone to buy them.

My wife worked for a consulting company a couple of times as a contracted collections person. One company was a billboard sign business that had over $1M in back money owed to them from sign jobs, but their CFO and his staff were very bad about accounting and billing. She worked 3 months and was able to collect over $750K of the monies owed by just following up with the people who owed it. Over 3/4 of them just stated they never got billed, and another 1/8 had issues like lights not working or some other minor issue that wasn't right when installed, so she was able to reduce their owed amount to allow them to take care of it or discount it due to the error and collect a najor portion of hte money owed. When she had finished the collections, the consulting company fired the CFO and asked her to stay on taking care of the other accounting issues. In the interim, the old CFO who had screwed things up to start with went to one of the two companies vying to buy the business and gave them a song and dance about how he was railroaded. That company ended up buying the bankrupt company out and put him in as CFO. The new CEO asked my wife to stay on as his assistant CFO. She told him 'No way would she work for the guy that caused the whole original mess' and ' Within 6 months you will be back in trouble with your accounting.' They didn't believe her and she resigned. 6 months later they fired the CFO and called her, but she told them to go jump in a lake as they were not willing to listen to her to begin with.