Twinkies likely to survive, Hostess says
More than 100 prospective buyers lining up; court mulls bonuses for execs
How about a bonus?
Hostess Brands says it's in talks with more than 100 parties interested in buying its brands, which include Twinkies, Ding Dongs and Ho Hos. A banker for the company said in bankruptcy court that the interested parties now include at least five national retailers such as supermarkets.
The update on the sale of the company's brands came as Hostess seeks approval in U.S. Bankruptcy Court to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year. The bonuses would be in addition to their regular pay.
The bonuses do not include pay for CEO Gregory Rayburn, who was brought on as a restructuring expert earlier this year. But Rayburn has a sweet deal all his own; he's being paid $125,000 a month.
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