Nov. 19 Photo Brief: Israel-Gaza conflict, Obama’s historic visit to Myanmar, Twinkies maker heads to bankruptcy court, Brazilian Naturist Olympics
Israel-Gaza conflict in its sixth day, President Obama’s historic visit to Myanmar, Twinkies maker heads to bankruptcy court, naturists run the 3 km marathon during the first Brazilian Naturist Olympics and more in today’s daily brief.
Buyers, including Tastykake’s parent, get in position for Hostess
Liquidation hearing today for make of Twinkies, Ho Hos
12:51 p.m. EST, November 19, 2012
Flowers Foods Inc. said on Monday that it has amended and extended its $500 million loan facility, giving it greater financial flexibility just as its bankrupt rival Hostess Brands Inc. entertains bidders for its brands.
Flowers, maker of Nature’s Own bread and Tastykake snack cakes, is seen as a potential suitor for some of Hostess’ brands, which include Twinkies snack cakes and Wonder Bread.
Flowers shares rose 6 percent to $23.66 in early trading on the New York Stock Exchange.
Hostess is heading to U.S. bankruptcy court on Monday for a hearing related to its plan to go out of business after failing to get wage and benefit concessions from thousands of striking bakery workers.
Hostess Chief Executive Gregory Rayburn told Bloomberg TV on Monday that he expects Hostess will find buyers for its brands. Interest has come from private equity group Metropolous & Co., the owner of Pabst Brewing Co.
“Our family would love to purchase these iconic brands,” Daren Metropolous, a principal of the private equity firm, said Friday. “We are actively pursuing this deal, as no doubt strategics will also.”
Flowers did not say whether the amendment to its credit facility was related to a bid for Hostess or any of its brands. A Flowers spokesman was not immediately available to comment on the company’s possible interest in Hostess.
Obama offers praise, pressure on historic Myanmar trip
Israel says prefers diplomacy but ready to invade Gaza