Hostess Brands Files for Chapter 11

Hostess Brands, the maker of Twinkies and Wonder Bread, has filed for Chapter 11 bankruptcy protection after failing to reach an agreement with workers over pension and health benefits, Reuters reported Wednesday. The company listed the Bakery & Confectionery Union & Industry International Pension Fund, to which it owes $944.2 million, as its largest unsecured creditor, Reuters wrote. Hostess listed assets of between $500 million and $1 billion and debt of more than $1 billion.

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