Hostess seeks third extension of plan exclusive periods for winddown

By Jim Witters

Wilmington, Del., Dec. 7 - Hostess Brands Inc. is seeking a 120-day extension of its exclusive period for filing a Chapter 11 plan and for soliciting plan votes, according to a Dec. 7 filing with the U.S. Bankruptcy Court for the District of Delaware.

Hostess says it needs the additional time to complete the sale of assets and the winddown of the business, which was approved by the court on Nov. 30.

Hostess filed a joint plan of reorganization of debtors and debtors in possession on Oct. 10, contemplating a stand-alone restructuring of the debtors' businesses with the debtors emerging from bankruptcy post-confirmation as operating entities.

But the company's inability to reach agreement with the labor unions representing its workers triggered the decision to abandon restructuring, the filing said.

Hostess' third request for more time, if granted, would extend the exclusive period for filing a Chapter 11 plan to March 6 from Nov. 6. The exclusive period for soliciting plan acceptances would be extended to May 6 from Jan. 7.

A hearing on the request is scheduled for 10 a.m. ET on Dec. 21.

Hostess Brands is an Irving, Texas-based operator of regional bakeries. The company filed for bankruptcy on Jan. 11, 2012 under Chapter 11 case number 12-22052.

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