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-   -   Twinkie-pocalypse Averted? (http://www.disboards.com/showthread.php?t=3023579)

cornflake 11-19-2012 07:05 PM

Twinkie-pocalypse Averted?
 
According to CNBC, the holdout union and Hostess have agreed to enter mediation to avoid the shutdown and liquidation of the company.

There's optimism in the boardroom, look -

http://c.o0bc.com/rf/image_539c400/B...ascot-2611.JPG

Jennasis 11-19-2012 07:10 PM

https://encrypted-tbn1.gstatic.com/i...IgcgLwXTeIq2pY

topolino 11-19-2012 07:18 PM

As long as it's not Donald Fehr and Gary Bettman running the show in the boardroom, there might actually be some hope.

tvguy 11-19-2012 08:54 PM

I don't think Hostess had a say, the Judge said you can't go bankrupt until you have exhausted all options to resolve your financial problems. They had not gone to mediation yet.

Buckalew11 11-19-2012 08:57 PM

Bring back the foil!

parrothead365 11-20-2012 03:54 PM

I believe it was the unions that were holding out. This is a court ordered meeting. I would not hold my breath on an agreement. :confused3

The Mystery Machine 11-20-2012 05:04 PM

Sounds like they are going through the motions? I do not expect it to resurrect.

TLSnell1981 11-20-2012 06:12 PM

Quote:

Originally Posted by parrothead365 (Post 46754687)
I believe it was the unions that were holding out. This is a court ordered meeting. I would not hold my breath on an agreement. :confused3

Let's hope a dose of reality, serves as a wake up call. They're getting a second chance to save their jobs, along with 13,000 others.

foreUT 11-20-2012 08:11 PM

Quote:

Originally Posted by The Mystery Machine (Post 46755125)
Sounds like they are going through the motions? I do not expect it to resurrect.

Bleeding a million dollars a day and no one to pay for it, tends to be a problem.

http://news.yahoo.com/hostess-union-...--finance.html


Quote:

Hostess Brands Inc, the bankrupt maker of Twinkies, said on Tuesday that it failed to reach a deal in mediation with the Bakery, Confectionary, Tobacco and Grain Millers Union.
The company said it will have no further comment until a hearing scheduled for Wednesday before the U.S. Bankruptcy Court for the Southern District of New York.
A representative of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) did not immediately respond to a request for comment.
The ailing company, which also makes Wonder Bread and Drake's cakes, sought permission from bankruptcy court on Monday to liquidate its business, claiming that its operations were crippled by the bakers' strike and that winding down was the best way to preserve its dwindling cash.

Aside from its unionized workforce, analysts, bankers and restructuring experts have said that a fleet of inefficient and out-of-date factories has also eaten up costs. They have said the brand names were likely to be more valuable once they were separated from the factories and sold to non-union competitors.
Bankers have said rivals including Flowers Foods and Mexico's Grupo Bimbo were very likely to be interested in parts, but not all of, the brands. Neither company could be reached for comment. Private equity firms are also interested.
Sun Capital Partners is interested in bidding for all of Hostess, according to a source familiar with Sun's plans, and Metropolous & Co is also interested, according to Daren Metropolous, a principal at the firm.
Sun Capital, which has repeatedly been mentioned as interested in continuing the company intact, including the current union contracts, is owned by Marc Leder, who has his own interesting history. :)

TLSnell1981 11-20-2012 11:12 PM

So sad, another 18,500 on unemployment. :(

snarlingcoyote 11-21-2012 05:53 AM

The executives can't afford to keep a unionized workforce, but can happily give themselves big bonuses when the company is failing? Pretty sure the top officers are trying to kill this company. I predict mediation will fail spectacularly and they'll blame the workers, but watch where the big money from this goes. . .

tvguy 11-21-2012 06:04 AM

Quote:

Originally Posted by snarlingcoyote (Post 46758212)
The executives can't afford to keep a unionized workforce, but can happily give themselves big bonuses when the company is failing? Pretty sure the top officers are trying to kill this company. I predict mediation will fail spectacularly and they'll blame the workers, but watch where the big money from this goes. . .

Devils advocate here. You HAVE to pay executives more for them to stay and try and save a company that is on the verge of failing, otherwise they bailout.

Tinker'n'Fun 11-21-2012 06:32 AM

Our morning news said that talks last night confirmed that the company was done for good!

The Mystery Machine 11-21-2012 07:33 AM

Quote:

Originally Posted by tvguy (Post 46758235)
Devils advocate here. You HAVE to pay executives more for them to stay and try and save a company that is on the verge of failing, otherwise they bailout.

To throw on an additional quote from the "church lady" sans picture....

How convenient.

TLSnell1981 11-21-2012 03:21 PM

No profit, no investors..means no company. Hostess isn't a charity.


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