Twinkies maker has plenty of suitors

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Associated Press

Posted on November 29, 2012 at 2:32 PM

Updated Thursday, Nov 29 at 2:32 PM

NEW YORK (AP) — It looks like we haven't seen the last of the Twinkie.

Hostess Brands says it's in talks with 110 potential buyers for the product lines that it makes -- including Twinkies, Ding Dongs and Ho Hos.

A financial adviser for the company said in bankruptcy court today that the suitors now include at least five national retailers. He says the buyers are "serious" and that they are ready to pay "substantial" amounts.

The update on the sale of the brands came as Hostess looked for court approval to give its top executives bonuses totaling up to $1.8 million as part of its plans to wind down its operations.

The company says the incentive pay is needed to retain high-level company officials during the liquidation process, which could take about a year.

Two of the executives could get additional rewards, depending on how efficiently they carry out the liquidation.

The bakers union is asking the judge to appoint an independent trustee to oversee the liquidation. The company announced plans to liquidate after the union went on strike earlier this month.

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APPHOTO NYBZ155: FILE - A Hostess Twinkies sign is shown at the Utah Hostess plant in Ogden, Utah, in this Nov. 15, 2012 file photo. Hostess Brands Inc. says it's in talks with more than 100 parties interested in buying its brands, which include Twinkies, Ding Dongs and Ho Hos. (AP Photo/Rick Bowmer, File) (15 Nov 2012)

<<APPHOTO NYBZ155 (11/15/12)>>

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