Chapter 9 : Hostess gets court approval to liquidate

SAN FRANCISCO (MarketWatch)
Hostess Brands Inc. said Wednesday that it received court approval to wind down the business, and that prospective bidders should contact the company's representatives
The maker of Twinkies and Wonder Bread said the U.S. Bankruptcy Court for the Southern District of New York approved its emergency motion to begin liquidation
Brand sales will be handled by Perella Weinberg Partners and asset sales will be handled by FTI Consulting, according to Hostess
The company will retain 3,200 of its workers for the initial phase of the liquidation, and cut 94% of its staff within the first 16 weeks of the process, completing the liquidation in one year As a result, 33 bakeries, 565 distribution centers and 570 bakery outlet stores will be closed, resulting in the loss of 5,500 delivery routes and 18,500 jobs.