Hope For Ho-Hos? – Judge Orders Hostess & Union Back to Bargaining Table
Maybe all your hoarding was for naught.A Federal bankruptcy judge has ordered Hostess and it’s rebellious union to sit down again and talk, hoping to stave off a sell-off of the most well known snack maker in the world that would idle 36 plants and end 18,000-plus jobs.
The judge ordered the talks after Hostess presented a plan that would liquidate the entire company to the highest bidder, even selling it off in chunks. While union officials were hopeful of the new talks ordered by the judge, or a possible buyer swooping into take over the company, Hostess officials had a different view.
The Bakery, Confectionery, Tobacco Workers and Grain Millers International union, who’s 5,600 striking workers spelled the “death” of Hostess, are hoping for a miracle. However, Hostess CEO Greg Rayburn had a far more dark prediction on how the bankruptcy will end, telling the Wall Street Journal and Fox Business Monday:
“Nobody wants to have anything to do with these old plants or these unions or these contracts,” Rayburn said in an interview. The company had hunted for buyers for the last several years as it tried to avoid a second trip into bankruptcy, but no buyer came forward.