Ever since BCTGM union members inexplicably chose unemployment over reduced income, Hostess has been winding down operations to preserve cash while moving toward liquidation. However, Bankruptcy Judge Robert Drain of the Southern District of New York has been able to arrange private mediation between the company, its lenders and leaders of the striking union in a last ditch effort to save the beloved Twinkie.
“My desire to do this is prompted primarily by the potential loss of over 18,000 jobs as well as my belief that there is a possibility to resolve this matter.”
Hostess CEO Gregory Rayburn also believes that the troubled company can still be saved, and expressed appreciation for the Judge Drain’s intervention:
“I’m happy to have the help. Maybe the judge will help. But can I handicap how it’s going to go? No way.”
Hopefully the move will get people back to work quickly so store shelves can once again be flooded with Ding Dongs, Ho Hos and Suzy Qs.