Twinkies sale approved: Hostess was approved by a judge to sell off Twinkies, Ding Dongs, and Wonder Bread.
A bankruptcy judge on Tuesday has approved the sale of Twinkies, Wonder Bread, Ding Dongs, and a number of other assets that were formerly sold by Hostess Brands, meaning that these products might be seen on shelves in the near future.
Apollo Global Management and Metropoulos & Co. paid $410 million to acquire the brands. Flowers Foods Inc., which makes Tastykakes, took most of Hostess’s bread brands, including Wonder Bread, for $360 million.
Evan Metropoulos, the head of the firm with the same name, told The Associated Press that he wants to have the brands back on the market by June.
“There’s no mistake, we’ve got to move smartly, we’ve got to move quickly,” Metropoulos told the news agency. He said he will look into tapping Will Ferrell and Zach Galifianakis to be pitchmen for the products in the future, but he said they have not yet been approached.
Flowers Foods did not give an estimated time as to when the bread will be available on the market again.
None of these products have been manufactured since Hostess went out of business over a worker strike by members of a bakers’ union. The firm has been selling off its brand to pay its creditors.
Hostess attorney Lisa Laukitis told U.S. Bankruptcy Judge Robert Drain that sales of the brands are in the best interests of the company and its creditors, reported Bloomberg News.
Hostess will head back to court on April 9 to ask Drain to approve the sale of United States Bakery and another sale involving Drake’s snacks. McKee Foods Corp. bought Drake’s Coffee Cake, Ring Dings, and Devil Dogs for $27.5 million, reported Reuters.
