DETROIT -- Twinkie lovers, relax.
The tasty cream-filled golden spongecakes are likely to survive, even though their maker will be sold in bankruptcy court.
Hostess Brands Inc., baker of Wonder Bread as well as Twinkies, Ding Dongs and Ho Ho's, will be in a New York bankruptcy courtroom Monday to start the process of selling itself.
The company, weighed down by debt, management turmoil, rising labor costs and the changing tastes of America, decided on Friday that it no longer could make it through a conventional Chapter 11 bankruptcy restructuring. Instead, it's asking the court for permission to sell assets and go out of business.
But with high brand recognition and $2.5 billion in annual revenue, other companies are interested in bidding for at least pieces of Hostess.
Early last Friday, the company announced plans to shut down all distribution centers, including the Tulsa Wonder Bread plant, leaving about 160 people with jobs locally and more than 18,000 company-wide.
The decision came after striking workers failed to return to work by a deadline issued by company leaders.
The company warned employees if they didn't return to work by 5 p.m. EST last Thursday the company would liquidate.
Hostess is planning to sell off about $29 million in excess product ingredients.
Some of the liquidation money will be used to pay bonuses for senior managers. The rest will go toward shutting down stores and offices.
Meanwhile, baked goods will be sold at going-out-of-business sales, donated to charity or destroyed.
Copyright AP Modified, Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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