Twinkies Maker Files For Bankruptcy
Company Employs About 34,000
POSTED: 9:08 am EDT September 22,
2004
UPDATED: 9:22 am EDT September 22,
2004
KANSAS CITY -- The maker of Hostess Twinkies and Wonder Bread is seeking bankruptcy court protection from its creditors.
Interstate Bakeries Corp. announced Wednesday that it filed for Chapter 11 bankruptcy in Kansas City.
In August, IBC delayed the filing of its annual report for a second time and warned that its auditors might express doubt about the company's ability to continue operating. IBC lists assets of $1.6 billion and liabilities of $1.3 billion. It said it's seeking Chapter 11 protection because its cash flow and ability to obtain additional financing have dried up in recent days.IBC operates more than 50 bakeries and employs about 34,000.The company said that it would continue to operate its bakeries, outlet stores and distribution centers while under bankruptcy protection.Interstate Bakeries Corp. is the nation's largest wholesale baker and distributor of fresh baked bread and sweet goods.
Read More: IBC News Release On Bankruptcy
Interstate Bakeries Corp. announced Wednesday that it filed for Chapter 11 bankruptcy in Kansas City.|
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Read More: IBC News Release On Bankruptcy Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
