Bankruptcy Judge Robert Drain on Wednesday approved Hostess' request to close at a hearing in White Plains, N.Y. CEO Gregory Rayburn said 15,000 workers will be fired Wednesday so they can start receiving unemployment benefits. Hostess said Nov. 16 that it needed to liquidate because a weeklong str
Date: Nov 23, 2012
Category: Business
Source: Google
Hostess gets judge's OK to liquidate, fire workers
Restructuring specialist Gregory Rayburn told the judge that about 15,000 Hostess employees will be let go immediately, with most of the remaining 3,200 departing within four months after helping prepare Hostess assets for the auction block, Reuters reports.
Date: Nov 22, 2012
Source: Google
Hostess Judge Sees Return to 'Liquidation Scenario'
Chief Executive Officer Gregory Rayburn told U.S. Bankruptcy Judge Robert Drain that 15,000 Hostess workers will be fired today to allow them to start collecting unemployment benefits. The company is seeking Drains permission to close so it can begin asset sales that a financial adviser estimated m
CEO Gregory Rayburn issued a statement saying: "Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders." Hostess Brands route drivers Jose Perez and Tim Williams were among those who were losing their jobs in High
Date: Nov 20, 2012
Source: Google
Hostess Fails to Continue With Attempt to Shutdown
management turmoil, rising labor costs and the changing tastes of Americans, is making its second trip through Chapter 11 bankruptcy restructuring. The company, based in Irving, Texas, had brought on CEO Gregory Rayburn as a restructuring expert in part to renegotiate its contract with labor unions.
of Twinkies, Ding Dongs and Ho Ho's filed for bankruptcy in January, its second Chapter 11 filing in less than a decade. The company had hoped to emerge with stronger financials. It brought on CEO Gregory Rayburn as a restructuring expert and was working to renegotiate its contract with labor unions.
Date: Nov 19, 2012
Source: Google
Lehigh Valley stores not mourning death of the Twinkies
I dont know if they thought that was a bluff, CEO Gregory Rayburn said Friday on CNBC of the warning to union workers. He said the financial impact of the strike makes it too late to save the company even if union leaders have a change of heart. Thats because clients, such as retailers, stoppe
"Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands," CEO Gregory Rayburn said in a letter to employees posted on the company website.