By Nicola Leske
Feb 11 (Reuters) - Hostess Brands Inc., the bankrupt maker
of Twinkies snack cakes, received court permission on Monday to
proceed with auctions for several of its brands, including
Twinkies and Wonder Bread.
The U.S. Bankruptcy Court in White Plains, NY, cleared
Hostess to sell off assets related to its Hostess and Dolly
Madison Brands.
A hearing to approve the successful bidder is scheduled for
March 19.
Private equity firms Apollo Global Management LLC and C.
Dean Metropoulos & Co have set a baseline offer of $410 million
to buy the company's snack cake brands including Hostess
Twinkies and Dolly Madison, Hostess said last month.
The so-called stalking horse bid by the private equity
firms, working together to buy the 82-year-old baker, would
serve as the minimum offer for the business, which could still
be topped by others.
Hostess was granted permission by a U.S. bankruptcy court
judge in November to wind down its business and liquidate its
assets after a strike by a baker's union crippled the company's
operations.
The sale of assets, which range from Twinkies and Wonder
Bread to real estate and baking equipment, is being run by
Perella Weinberg Partners.
Follow us on Twitter @ReutersLegal | Like us on Facebook