Hostess Brands' hedge fund and private equity owners will seek permission to shut the company down after failing to strike a deal with a striking union yesterday.
Hostess, which filed for bankruptcy on Friday, first asked for approval to lay off its more than 18,000 employees and liquidate on Monday, but U.S. Bankruptcy Judge Robert Drain pushed for a last-ditch mediation session yesterday, with himself as mediator. But Hostess, which is owned by private equity firm Ripplewood Holdings and features hedge funds Monarch Alternative Capital and Silver Lake Partners as lead creditors, said the session was "unsuccessful."
No comments:
Post a Comment