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Twinkie maker gets more time to reorganize

Friday, September 12, 2008 | 6:30 p.m. CDT

KANSAS CITY — A judge has given the makers of Hostess Twinkies an additional four months to work out a new plan for exiting four years of bankruptcy.

U.S. Bankruptcy Judge Jerry Venters on Friday approved Interstate Bakeries' motion to extend the deadline of its debtor-in-possession financing package to Feb. 9. The judge also agreed to let the Kansas City-based company borrow an additional $79 million under the financing arrangement.

Attorneys for Interstate Bakeries say the company is close to working out an arrangement in which Ripplewood Holdings and Silver Point Finance will provide the company with money to operate after leaving bankruptcy.

The Teamsters said they agree with the plan. The union has disagreed with past reorganization plans.

 

 


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