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Mon Nov 19, 2012, 05:44 PM

Hostess, union agree to mediation at judge's urging.

This discussion thread was locked as off-topic by Rhiannon12866 (a host of the Latest Breaking News forum).

Source: yahoo/reuters

- 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 advised against a 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.



Read more: http://news.yahoo.com/hostess-liquidation-too-sweet-managers-u-says-191817929--sector.html

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Reply Hostess, union agree to mediation at judge's urging. (Original post)
elleng Nov 2012 OP
Bozita Nov 2012 #1
elleng Nov 2012 #2
senseandsensibility Nov 2012 #3
Rhiannon12866 Nov 2012 #4

Response to elleng (Original post)

Mon Nov 19, 2012, 06:32 PM

1. Gotta wonder how the judge will take to the recent bonuses for top Hostess execs

I'll bet the judge will be told that the bonuses are to keep these valuable execs from jumping ship and heading for greener pastures.

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Response to Bozita (Reply #1)

Mon Nov 19, 2012, 06:44 PM

2. Judge has already indicated his displeasure with this:

The U.S. Trustee, an agent of the U.S. Department of Justice who oversees bankruptcy cases, said in court documents it is opposed to the wind-down plan because Hostess plans improper bonuses to company insiders.

The 82-year-old Hostess wants permission to pay senior management a bonus of up to 75 percent of their annual pay so they will stay on and help wind-down the business.

http://www.democraticunderground.com/1014310817

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Response to elleng (Original post)

Mon Nov 19, 2012, 07:58 PM

3. I always had a feeling that this was not going to be as easy as the CEO of Hostess

wanted it to be. Blame the unions and run with the bonuses. I sensed that they were bluffing. It's not that easy when you are dealing with union contracts.

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Response to elleng (Original post)

Mon Nov 19, 2012, 08:02 PM

4. Locking, sorry, this is a duplicate. Please continue discussion and post updates here:

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