Hostess Brands, which recently week won court approval to start new labor terms on its second-biggest union, filed a plan that would hand majority ownership of the baker to a group of its existing lenders led by Silver Point Finance, LLC. The lenders would get a 75% stake in a restructured Hostess, subject to dilution, while the unions would get the remaining 25% stake.
Hostess Brands’ CEO told a bankruptcy court that if the bakers union doesn't ultimately accept its final offer, it will rapidly shut operations down and start the process of selling all of its assets.
