No more Twinkies???

Post by **LadyTevar** » 2004-09-22 10:11am

Nooooooooooooooooooooooooooo! They can't take away my Twinkies!

CNN BUSINESS wrote:Twinkies' maker files bankruptcy
Interstate Bakeries, hit by accounting and low-carb woes, seeks Chapter 11 protection.
September 22, 2004: 9:51 AM EDT

NEW YORK (CNN/Money) - Interstate Bakeries, maker of Wonder Bread and Twinkies, filed for bankruptcy court protection early Wednesday.
The company, which operates 57 bakeries throughout the United States and employs more than 33,000 people, listed assets of $1.6 billion and liabilities of $1.3 billion. It filed under Chapter 11 of the U.S. Bankruptcy Code, and said it intends to continue normal operations.

Shares of Interstate Bakeries (IBC: Research, Estimates) plunged by more than 35 percent in early trading Wednesday. Shares have lost nearly 90 percent of value since hitting a 52-week high of $16.88 in March.

The company has been hit by both accounting problems and a drop in sales it attributed to the popularity of low-carb diets. Last month, it missed an extended deadline for filing a 10K report with the Securities and Exchange Commission detailing its fiscal year financial results for the period ended May 29.

It said in a statement the filing was brought on by liquidity issues, resulting from declining sales, a high fixed-cost structure, excess industry capacity, rising employee healthcare and pension costs and higher costs for ingredients and energy.

The company also announced that Chairman and CEO James Elsesser had resigned. It named Leo Benatar as non-executive chairman and Antonio Alvarez as CEO. Alvarez is managing director of the turnaround firm Alvarez & Marsal. The company announced it had hired Alvarez & Marsal last month at the same time it announced the missed filing of a 10K.

Interstate Bakeries "has some of the most recognizable and popular baked breads and sweet goods brands in the nation," said a statement from Alvarez. "By filing for protection under Chapter 11 and obtaining the DIP (bankruptcy) financing, the company should have the liquidity, time and resources necessary to thoroughly identify, assess and address the issues that will enable this company to be successful in the future."

For the fiscal third quarter, the company reported a loss of $6.6 million, or 15 cents a share, little changed from the year-earlier loss in the period. Revenues were little changed at $1 billion.

Interstate said it arranged for $200 million in debtor-in-possession financing from JPMorgan Chase. The company announced earlier this month that it had arranged for up to $255 million of availability on its revolving credit line, but that it had agreed to pay a half-percentage point higher rate due to missing the 10K filing. It also said at that time it needed to complete the 10K filing by Sept. 26 to stay in compliance with terms of that loan.

Joe · Post by **Joe** » 2004-09-22 10:25am

I wouldn't worry too much, even in the worst case scenario some other company would snatch the remains of the company up and continue to make twinkies.

Stravo · Post by **Stravo** » 2004-09-22 10:29am

Damnit. I haven't had Twinkies in a long time. Now this thread has forced me to go out and find some Twinkies. And I wouldn't worry too much, the company has filed for bankruptcy protection. It doesn't mean its going out of business just yet.

Post by **Ghost Rider** » 2004-09-22 10:31am

Ah crud...well with buying some stuff...now buying Twinkies.

Dammit I love that whatever it is.

DPDarkPrimus · Post by **DPDarkPrimus** » 2004-09-22 10:49am

Since when has bankruptcy stopped people/corperations from pimping their wares? *points to Marvel, Donald Trump, Long John Silvers*

Zed Snardbody · Post by **Zed Snardbody** » 2004-09-22 11:36am

Horde, time to horde.

neoolong · Post by **neoolong** » 2004-09-22 11:39am

Wow, it seems low-carb diets are hurting a lot of places.

Donut shops supposedly took a hit from them too.

TrailerParkJawa · Post by **TrailerParkJawa** » 2004-09-22 12:30pm

neoolong wrote:Wow, it seems low-carb diets are hurting a lot of places.

Donut shops supposedly took a hit from them too.

I'd imagine that is true. There is a nice donut shop in downtown San Jose, and they started selling sandwiches, chai-tea's, etc.

J · Post by J » 2004-09-22 01:56pm

If worse come to worst, you can always bake them yourself using the recipe on this page. Same thing, minus the keep it fresh forever preservatives.

Lord Poe · Post by **Lord Poe** » 2004-09-22 02:04pm

From the title, I thought all the GALE members left the board!

Faram · Post by **Faram** » 2004-09-22 03:48pm

All you ever need to know about T.W.I.N.K.I.E.S. read it great fun!

http://www.twinkiesproject.com/

General Zod · Post by **General Zod** » 2004-09-22 03:53pm

jmac wrote:If worse come to worst, you can always bake them yourself using the recipe on this page. Same thing, minus the keep it fresh forever preservatives.

mmm. . . .homemade twinkies. . . . .*bookmarks for future purposes*

Asst. Asst. Lt. Cmdr. Smi · Post by **Asst. Asst. Lt. Cmdr. Smi** » 2004-09-22 04:38pm

Well, it looks like I should hoard and ration Twinkies right now, because they've got to last me until their expiration date a hundred years from now.

Andrew J. · Post by **Andrew J.** » 2004-09-22 05:07pm

Good riddance to bad rubbish. I've never like anything Hostess has made.

Zed Snardbody · Post by **Zed Snardbody** » 2004-09-22 05:17pm

jmac wrote:If worse come to worst, you can always bake them yourself using the recipe on this page. Same thing, minus the keep it fresh forever preservatives.

But that's what makes them so damn good!

The Cleric · Post by **The Cleric** » 2004-09-22 08:58pm

Andrew J. wrote:Good riddance to bad rubbish. I've never like anything Hostess has made.

You shut your fucking mouth!!

And Twinkies will never die. They'll be made by someone else; they're too damn good.

Solauren · Post by **Solauren** » 2004-09-22 09:18pm

Homemade twinky recipe!
(hugs Jmac)

Thanx!

Elfdart · Post by **Elfdart** » 2004-09-22 09:55pm

What about Ho-Hos and Ding Dongs? My brother-in-law's cousins are very orthodox Jewish and won't eat them because they are supposedly made with lard.

Darth Garden Gnome · Post by **Darth Garden Gnome** » 2004-09-22 09:59pm

Andrew J. wrote:Good riddance to bad rubbish. I've never like anything Hostess has made.

Go to hell! They can have my Twinkies, Ho-Hos, Ding-Dongs, Fruit Pies, and Snowballs when they pry them from my cold dead hands. You hear me, Atkins? COLD DEAD HANDS.

Post by **Ghost Rider** » 2004-09-22 10:01pm

Darth Garden Gnome wrote:
Andrew J. wrote:Good riddance to bad rubbish. I've never like anything Hostess has made.
Go to hell! They can have my Twinkies, Ho-Hos, Ding-Dongs, Fruit Pies, and Snowballs when they pry them from my cold dead hands. You hear me, Atkins? COLD DEAD HANDS.

I'm with you there.

We shall stockpile and spit on the Demon Atkins.

I mean I grew up on the stuff...seriously I can make better cakes and what not...but there is just something about the Twinkie.

Executor32 · Post by **Executor32** » 2004-09-23 06:28pm

Perhaps the fact that other than squeezing them bodily in your hand or eating them, they're nigh-on indestructible? After all, you can drop them from a tenth-story window and the worst that'll happen is a bit of the filling oozes from one of the holes. Hell, they even constituted the bulk of my egg-drop cushion (one of about five that actually worked) in my high school physics class!