April 16, 2012
The Teamsters union rejected Hostess Brands Inc.'s proposal for restructuring the company and released its own plan Monday, a day in advance of a New York bankruptcy court hearing that will determine whether the company can abandon its collective bargaining agreements with unionized workers.
April 09, 2012
The chief executive of Hostess Brands Inc. on Monday said the salaries of eight high-level executives of the company will be hacked to as little as a $1, responding to outrage over the company purportedly bumping up pay for its top brass ahead of its bankruptcy filing.
April 05, 2012
Hostess Brands Inc.'s union workers are up in arms over reports that the company may have manipulated executives' pay to give them bonuses prohibited by bankruptcy law, the Teamsters union said Wednesday, a day after Hostess sought more time to file a reorganization plan.
March 01, 2012
Hostess Inc. on Wednesday pushed back against unions protesting its move to drop out of multiemployer pension plans in its New York Chapter 11 case, saying the cuts were proposed in good faith and are necessary for the company's restructuring.
February 22, 2012
A U.S. trustee slammed a bid by bankrupt confectioner Hostess Brands Inc. to authorize more than $5 million in potential payments to its CEO, saying Wednesday that the payments appear to be unauthorized retention awards and severance payments.
February 17, 2012
Trade groups, pension advocates, ConAgra Foods Inc. and others joined the pushback Friday against Hostess Brands Inc.'s move to drop out of 24 multiemployer pension plans in its Chapter 11 case in New York bankruptcy court.
February 15, 2012
The United States told a New York judge on Tuesday it objected to bankrupt Hostess Brands Inc.'s request to sell certain assets without prior court approval, arguing that an order authorizing the sales would have to take into account liabilities for environmentally contaminated property.
February 13, 2012
The International Brotherhood of Teamsters said Monday that its members working at Hostess Brands Inc. had overwhelmingly voted to authorize a strike if a New York bankruptcy court approves the troubled confectioner's plan to jettison existing labor contracts as part of its Chapter 11 reorganization.
February 08, 2012
Hostess Brands Inc. CEO Brian J. Driscoll, who devised the bankrupt company's business restructuring plan, had considered abandoning Hostess unless he was assured that he could receive a $2 million payment in the future under a noncompete agreement, according to a court filing Tuesday.
February 02, 2012
A New York bankruptcy judge on Thursday allowed Hostess Brands Inc. to tap into another $40 million in post-petition financing, overruling objections from pension plans and other unsecured creditors who claimed the agreement would give lenders a "stranglehold" over the case.