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.

(Reuters) – U.S. wholesale baker Hostess Brands Inc. filed for Chapter 11 bankruptcy protection in Manhattan on Wednesday, nearly three years after emerging from a similar process, after failing to reach an agreement with workers on pension and health benefits.

Hostess was unable to reach an agreement with its unions regarding pensions, health and welfare benefits and work rule changes that ultimately led to insufficient liquidity, it said in court papers.

The company listed the Bakery & Confectionery Union & Industry International Pension Fund, to which it owes $944.2 million, as its largest unsecured creditor.

No one at the company could immediately be reached for comment.

The Twinkies and Wonder Bread baker listed assets of between $500 million and $1 billion and debt of more than $1 billion.

This is the second court restructuring for the Ripplewood Holdings-owned Hostess, which emerged from bankruptcy protection in February 2009.

The case is Hostess Brands Inc, Case No. 12-22052, U.S. Bankruptcy Court, Southern District of New York (White Plains).