Court Approves Hostess Wind Down

The U.S. Bankruptcy Court for the Southern District of New York approved Wednesday an emergency interim motion from Hostess Brands to wind down its business and liquidate assets. Hostess and the Bakery, Confectionary, Tobacco and Grain Millers Union were unable to reach an agreement in a mediation meeting held on Tuesday. The Hostess wind down, in which 33 bakeries are closed and 18,500 jobs lost, is expected to take one year. Perella Weinberg is providing financial advice to Hostess.

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