WHITE PLAINS, N.Y. (AP) — A bankruptcy court judge is approving a request by Hostess Brands Inc. to begin winding down its operations.
WHITE PLAINS, N.Y. (AP) — A bankruptcy court judge is approving a request by Hostess Brands Inc. to begin winding down its operations.
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PrivCo sources (private-companies research site - on its home page right now) confirm: main obtacle to a Hostess-union compromise were Hostess' thousands of retirees NOT its current union workers. Hostess $2B underfunded pension plan can now be offloaded to the U.S. Federal Pension Benefit Guarantee Corp. (which acts like the FDIC for failed co. pensions) and get FULL payments (partly taxpayer subsidized, partly subsidized by healthy company pension funds), and they refused to compromise by taking less to bridge the gap for a compromise deal. See private-companies business news site PrivCo: bit.ly/TcxE05