Hostess gets approval for executive bonuses totaling up to $1.8 million
Posted: 11/29/2012
NEW YORK (AP) -- The future of Twinkies is virtually assured.
A bankruptcy judge has approved Hostess Brands plans to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
The judge also approved the rest of the Hostess wind-down plan.
The process includes the quick sale of its brands, which also include Wonder Bread. Hostess says it has received a flood of interest in the brands.
The Irving, Texas-based company's bankruptcy means loss of about 18,000 jobs.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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