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Mon Nov 19, 2012, 04:04 PM

Breaking: Hostess, unions agree to mediation

http://my.chicagotribune.com/#story/chi-judge-hostess-union-agree-to-mediation-20121119/

Hostess Brands Inc. agreed in court on Monday to enter private mediation with its lenders and leaders of a striking union to try to avert the liquidation of the maker of Twinkies snack cakes and Wonder Bread.

Hostess, its lenders and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), agreed to mediation at the urging of Bankruptcy Judge Robert Drain of the Southern District of New York, who preferred it to the more expensive, public hearing regarding the company's liquidation.

"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," Drain said.

The 82-year-old Hostess is seeking permission to liquidate its business, claiming that its operations had been crippled by a bakers strike and that winding down operations is the best way to preserve its dwindling cash

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Reply Breaking: Hostess, unions agree to mediation (Original post)
trailmonkee Nov 2012 OP
democrattotheend Nov 2012 #1
Kingofalldems Nov 2012 #2
2pooped2pop Nov 2012 #3
MFM008 Nov 2012 #4
quinnox Nov 2012 #5
Gin Nov 2012 #6
Raine Nov 2012 #7
Bandit Nov 2012 #8
DirkGently Nov 2012 #9

Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:06 PM

1. Hopefully they will be able to resolve it

Much as I find the company's actions deplorable, I don't want to see all these workers lose their jobs.

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:09 PM

2. If they make it back sales will be through the roof

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:12 PM

3. I hope this works for the worker's sake.

But wonder may now join my pile of bullshit that I don't use anymore. Off to the Chuck Norris, Crazy Eastwood crap pile with Wonder.

Wonder how much of this grandstanding was just a ploy to scare the worker's and get their way?

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:13 PM

4. hurray

there is hope for twinkies and morbid obesity yet!!

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:14 PM

5. well, things are looking up

 

the twinkie may yet still have a future ahead.

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 04:53 PM

6. Geez.....I thought it was a done deal...and the pensions were in the hands

Of the PBGC......if it gets settled....IMO.....this will delay the inevitable.

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 06:14 PM

7. Hopefully they can reach an agreement that doesn't screw the workers. nt

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Response to Raine (Reply #7)

Mon Nov 19, 2012, 06:24 PM

8. That is not going to happen

The workers are going to have to take a substantial hit...AGAIN... They already went through this a few years ago and the workers gave up a lot.. that is why they were not about to do the same thing all over. Large bonuses were paid to executives and pay increases as well while the workers took reductions in pay and benefits...I feel the same thing is going to happen again.. As soon as the Judge said he wouldn't allow them to go into Chapter 11 but chapter 7 instead so they couldn't hand out bonuses, they decided they would try and work with the Unions... They could do better IMO.

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Response to trailmonkee (Original post)

Mon Nov 19, 2012, 06:27 PM

9. Appears they were afraid they'd be converted to Ch. 7


http://www.bloomberg.com/news/2012-11-19/hostess-liquidation-needs-control-by-trustee-u-s-says.html

"Oh, a Ch. 7 trustee? Wellllll.... maybe we haven't exhausted all of our options just yet."

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