One of the best-known US snack food brands may survive as its bankrupt owner revealed it is in talks with 110 potential buyers.
Hostess Brands, which makes the Twinkie, is due to liquidate itself after a labour dispute. An advisor to Hostess said that the suitors now include at least five national retailers.
Hostess is also seeking final approval to wind itself down for good, which was tentatively approved last week.
But the bakers union, Hostess' second-largest union, is asking the judge to appoint an independent trustee to oversee the liquidation, saying that the current management "has been woefully unsuccessful in its reorganisation attempt".
The update on the sale of the company's brands came as Hostess sought approval to give its top executives bonuses totalling up to $1.8m as part of its winding down. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.
Source: BBC Business News
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