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Twinkies Maker has Plenty of Suitors
Posted: Nov 29, 2012 1:36 PM by Associated Press
NEW YORK (AP) - It looks like we haven't seen the last of the Twinkie.
Hostess Brands says it's in talks with 110 potential buyers for the product lines that it makes -- including Twinkies, Ding Dongs and Ho Hos.
A financial adviser for the company said in bankruptcy court today that the suitors now include at least five national retailers. He says the buyers are "serious" and that they are ready to pay "substantial" amounts.
The update on the sale of the brands came as Hostess looked for court approval to give its top executives bonuses totaling up to $1.8 million as part of its plans to wind down its operations.
The company says the incentive pay is needed to retain high-level company officials during the liquidation process, which could take about a year.
Two of the executives could get additional rewards, depending on how efficiently they carry out the liquidation.
The bakers union is asking the judge to appoint an independent trustee to oversee the liquidation. The company announced plans to liquidate after the union went on strike earlier this month.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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