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SOURCE Hostess Brands Inc.
- Authorized to Complete Sales With Aggregate Proceeds of $800 Million
- Sales Include Iconic Twinkies® and Wonder® Brands
KANSAS CITY, Mo., March 20, 2013 /PRNewswire/ -- Hostess Brands Inc. ("Hostess Brands" or "the Company") today announced that it has obtained U.S. Bankruptcy Court approval to sell the majority of its snack cake business and the majority of its bread business in separate transactions totaling approximately $800 million in proceeds.
"We embarked on the sales process with one overarching goal – to maximize value for all of the Company's stakeholders – and I am pleased to report that we have been successful," said Gregory F. Rayburn, the Company's Chairman and Chief Executive Officer. "I'd like to thank all of the employees and advisors who supported the process and helped preserve the value of some of the most beloved brands in the U.S."
U.S. Bankruptcy Judge Robert Drain approved the following transactions:
Hostess Brands will seek Court approval of the following transactions at a hearing on April 9:
The Company has retained Hilco Industrial, LLC to market and sell its remaining assets, including property and equipment.
Jones Day provided legal advice to Hostess Brands on all of the transactions. Perella Weinberg Partners served as the Company's financial advisor.
About Hostess Brands
Founded in 1930, Hostess Brands' products include iconic brands such as Hostess®, Wonder®, Nature's Pride®, Dolly Madison®, Drake's®, Butternut®, Home Pride®, and Merita®.
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