DOCSLIB.ORG

Bankruptcy Tax Specialists in the Nation's

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bankruptcy Tax Specialists in the Nation's turnarounds Inside workouts news for People Tracking Distressed businesses June 2012 Volume 26, number 6 Latest Reports: Marco Polo! • Court Ruling Broadens Foreign Companies Qualify for Chapter 11 Says Court Foreign Company Qualifica- by Julie Schaeffer tion for Chapter 11 According to a recent court decision, having even very limited property in the United • Caribbean Petroleum States qualifies a company for Chapter 11 reorganization. That’s good news for foreign Disaster Triggers Court Battles companies, but bad news for creditors, who may find debtors protecting themselves with Chapter 11’s automatic worldwide stay. • Hotel Restructurings Pose Netherlands-based Marco Polo Seatrade B.V. (MPS) owns and operates six ocean- Unique Challenges going tanker ships. Its principal financing consisted of two facilities, both secured by mortgages on the ships: $90 million with Crédit Agricole as agent, and $118 million with Royal Bank of Scotland RBS as agent. In July 2011, MPS and three of its entities filed Research Report: for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. In Who’s Who in Hostess continued on page 2 Brands, Inc. Caribbean Petroleum Salvage Job Restructuring Attorneys Prevail for Stakeholders Special Report: by Dave Buzzell Bankruptcy Tax This is the first of a two-part article. Specialists in the Nation’s In the early morning hours of October 23, 2009, eleven huge fuel storage tanks at an Major Law Firms oil refinery and depot in Bayamon, Puerto Rico, exploded into a fireball more than 100 feet high. The explosions incinerated much of the facility and shook the surrounding Worth Reading: area with a force equivalent to a 2.8 magnitude earthquake. The cause of the explosions remains the subject of ongoing federal and local investigations. Corporate Recovery: The Bayamon facility was not the only thing that was destroyed. Its owner, Caribbean Managing Companies in Petroleum Corporation, was, for all intents and purposes, also leveled. The disaster brought Distress continued on page 2 Special Report: Hotel Restructurings U.S. Turnaround and More Stakeholders, More Complexity Restructuring Firms with by Julie Schaeffer European Offices Florida-based Innkeepers USA Trust has emerged from Chapter 11 bankruptcy with the $1.02 billion sale of its 64 hotels to a joint venture between Cerberus Capital Management LP and Chatham Lodging – a transaction that its restructuring advisors say was relatively seamless given the complexity of hotel restructurings. “What’s unique about restructuring in the hotel space is that you often have three separate stakeholders,” explains Jeff Goldberg, a director at AlixPartners. “It’s common to have an owner and a hotel manager, and in many cases you also have a separate brand manager. The hotel manager and the brand manager have a big stake in what happens, but they aren’t really creditors, so that leads to an unusual dynamic.” continued on page 2 2 Turnarounds & Workouts June 2012 Marco Polo, from page 1 Caribbean, from page 1 Hotels, from page 1 response, both Crédit Agricole and RBS the company’s operations to a standstill. New York middle-market debt filed motions seeking dismissal of MPS’s FTI Consulting was brought in as investor Apollo Investment Corp. bought Chapter 11. crisis manager and CRO, and in August Innkeepers, which had nearly 10,000 The U.S. Bankruptcy Code clearly 2010, Caribbean Petroleum had filed for rooms at the height of the market in June states that “only a person that resides Chapter 11 in Delaware. Now, about two 2007, for $1.5 billion and invested about or has a domicile, a place of business, years later, an orderly liquidation under $250 million in improvements. As the or property in the United States, or a a fully-consensual Chapter 11 plan is in economy slowed, however, Innkeepers, municipality, may be a debtor under this advanced stages. along with the entire lodging industry, title.” Caribbean Petroleum was integral to experienced declines in occupancy rates. However, foreign companies have, Puerto Rico’s economy. The company Ultimately, Innkeepers filed for Chapter in the past, successfully used Chapter owned a very large pipeline to receive 11 on July 19, 2010, blaming its problems 11. One example is the Dutch company shipments of petroleum at its dock. From on debt that had become unmanageable Almatis, which consisted of operating there, pipelines transported the fuel to more in the wake of the economic downturn. companies located in the Netherlands, than 40 storage tanks. The storage tanks A year after its filing, the hotel emerged the United States, and other non-U.S. were used to supply customers like the from bankruptcy with a tremendous jurisdictions, including Germany, India, Puerto Rico airport and the Puerto Rico outcome for secured creditors, unsecured and China. It successfully restructured Electric Power Authority. The company creditors, hotel managers, brand managers, under Chapter 11 in 2010. also had a network of owned and leased gas employees, and guests. The reason, says Filing in the United States is attractive stations around Puerto Rico, making it a Goldberg, is a solid understanding of the to foreign companies because of favorable closely integrated and profitable business. hotel restructuring business by all parties differences between bankruptcy laws in Cadwalader, Wickersham & Taft was involved in the deal. the United States and abroad, particularly hired as lead counsel for the debtor. One complicating factor in hotel in Europe. Zachary Smith was one of the principal restructurings, says Goldberg, is that Unlike the U.S. Bankruptcy Code, attorneys assigned to the case. It was they often encompass multiple properties. which emphasizes reorganization and immediately apparent to the Cadwalader Some restructurings are single-asset rehabilitation of financially distressed team, working closely with FTI, that deals in which an investor owns a single companies, European bankruptcy laws the company was facing more than just property. Others, however, are portfolio focus primarily on liquidation and the the dire consequences of the explosion. deals wherein an investor owns 30 to 50 protection of secured creditors’ rights. “It was a perfect storm,” Smith says. properties. “Generally you are looking at a process “Not only was the company essentially “When you think about the dynamic that is fairly value destructive,” says nonoperational, the secured debt owed that three stakeholders – owners, hotel James Roome, of European bankruptcy. to its primary lender – Banco Popular de managers, and brand managers – play in a Roome is managing partner of Bingham’s Puerto Rico – was in default. The bank single-entity restructuring, it’s easy to see London office and co-chair of the firm’s held a lien on substantially all of the how it gets even more complicated when global financial restructuring group. company’s assets. There was minimal you’re dealing with a larger portfolio,” says “In the United States, there is a Chapter cash flow, and it was impossible to find Goldberg. “You may have multiple hotel 11 process for the reorganization of any lender willing to commit sufficient managers and you’re probably representing companies that provides for an in-court capital to rehabilitate the company.” all of the major brands, such as Marriott, mechanism where management remains Given these insurmountable problems, Hilton, Hyatt, and Starwood. That’s where in control. In Europe, there has been it became clear that a Section 363 sale was the real complexity comes in.” a long tradition of treating insolvency the most prudent course of action. The That dynamic creates confusion when and corporate distress as a crime, and company urgently needed DIP financing. it comes to creditors. “The trade or consequently the incentives against Already “liened up,” it made the most traditional creditors you consider in a getting into that process are very strong.” sense to obtain the financing from one restructuring aren’t a big factor in a hotel Crédit Agricole and RBS argued that of its existing lenders. As a condition of restructuring because most of the supplies MPS’s bankruptcy did not belong in providing the financing, Banco Popular you’re getting are short-term trade credit,” a U.S. bankruptcy court, as there was required, and the parties agreed, upon an says Todd Brents, a managing director at insufficient basis for jurisdiction. expedited 363 sale and plan processes. AlixPartners. “However, the challenge is The creditors asserted that MPS was With the company pursuing a swift to figure out who they’re creditors of – the foreign and had no sufficient nexus with sale of substantially all of its assets, a owner or the hotel manager?” the United States. creditors’ committee was appointed, “Managers generally push for the They also alleged that MPS filed for represented by Morrison Foerster. Todd trade creditors to be considered the Chapter 11 only to take advantage of the Goren, a partner at the firm, handled responsibility of the owner,” adds automatic stay. MPS wanted, the creditors many of the day-to-day affairs in the Goldberg. “You get a lot of incoming argued, to wait for better times in the case. Goren was confronted with a calls from vendors, even before a filing to shipping industry under the protection of company so damaged that it was highly ask what’s going on. It’s very important, the automatic stay. uncertain that unsecured creditors would if Chapter 11 is filed, that any kind of Finally, Crédit Agricole and RBS receive anything, even though Caribbean cash collateral motion addresses the continued on page 4 continued on page 4 continued on page 4 June 2012 Turnarounds & Workouts 3 Research Report Who’s Who in Hostess Brands, Inc. by Francoise C. Arsenault Hostess Brands, Inc. (Hostess) was The previous week, the bankruptcy judge as the Hostess CEO, President, and CRO.
Load more

Recommended publications
  • Interstate Bakeries C O R P O R a T I
    INTERSTA TE BAKERIES CORPORATION Building for the future 1999 Annual Report Interstate Bakeries Corporation is the largest wholesale baker and distributor of fresh delivered bread and snack cakes in the United States. The Company has three major divisions — the Western Division, headquartered in Phoenix, Arizona; the Central Division, headquartered in Kansas City, Missouri; and the Eastern Division, headquartered in Charlotte, North Carolina. The Company also sells dry products. The Company operates 67 bakeries throughout the United States and employs more than 34,000 people. From these strategically dispersed bakeries, the Company’s sales force delivers baked goods to more than 200,000 food outlets on approximately 11,000 delivery routes. The Company’s products are distributed throughout the United States, primarily through its direct route system and approximately 1,500 Company- operated thrift stores, and to some extent through distributors. The IBC product line is marketed under a number of well-known national and regional brands, which include Wonder, Hostess, Home Pride, Drake’s, Beefsteak, Bread du Jour, Dolly Madison, Butternut, Merita, Parisian, Colombo, Sunbeam, Millbrook, Eddy’s, Holsum, Sweetheart, Cotton’s Holsum, J.J. Nissen, Marie Callender’s and Mrs. Cubbison’s. In addition, the Company is a baker and distributor of Roman Meal and Sun Maid bread. Financial Highlights Net Sales (In Millions) $3,500 (In Thousands, Except Per Share Data) 52 Weeks Ended 52 Weeks Ended 52 Weeks Ended $3,450 May 29, 1999 May 30, 1998 May 31,
    [Show full text]
  • Hostess Brands Inc.: a Case Study
    Journal of Business and Retail Management Research (JBRMR), Vol. 12 Issue 1 October 2017 Hostess brands inc.: A case study Kimberly J. Flanders Indiana University of Pennsylvania, United States Keywords Case study, human performance technology, instructional design, business process improvement Abstract Hostess Brands, Inc. served as the largest manufacturer and distributor of baked goods products in the United States for decades. Throughout numerous mergers and acquisitions, the company’s growth resulted in a series of problems leading to bankruptcy. The three key problems included high legacy costs, shrinking profits, and significant, long-term debt. This research is a case study utilizing Gilbert’s Behavioral Engineering Model to evaluate the issues that led to the bankruptcy of Hostess Brands, Inc. Corresponding author: Kimberly J. Flanders Email address for corresponding author: [email protected] First submission received: 8th March 2017 Revised submission received: 1st May 2017 Accepted: 10th June 2017 Introduction The largest producer and distributor of baked goods products in the United States, Hostess Brands, Inc. filed for bankruptcy on November 16, 2012. Several problems existed within the organization that made solvency and profitability nearly impossible. Three key problems uncovered within the organization included exorbitant legacy costs due to multiple unions, shrinking profit margins because of increased production costs, and large, long-term debt. This study will evaluate human performance technology, specifically analyzing the main problems within Hostess Brands, Inc., and will also argue for Gilbert’s Behavioral Engineering Model, discussing how it could have been utilized to improve Hostess organizational efficiency. Hostess Brands, Inc. Hostess Brands, Inc. baked and distributed breads and baked goods throughout the United States from 2009 to 2013.
    [Show full text]
  • Wait, So What Is a Hipster? by Sage Weber Schools Sports
    2 For lefties only! By Megan Lance It’s a well-known while left-handed people had more trou- ing Redbird Writer fact that people ble. Lefties also were proven to be more amount used to try to force inhibited, and spend hours on basic deci- of more their children to be right-handed, even if sions. Then, worrying afterwards that acci- they weren’t. However, were they wrong they’d made the wrong choice. dents. for doing so? Is being left-handed in a We’re screwed at school! Al- Is this Volume 70 Issue 6 world that is 90% right-handed a disad- though it’s not as bad as it used to be, because Twinkie turnover December 11th, 2012 vantage? Studies show that yes, this is teachers in one day and age used to beat we’re By Alexis Boyer Depending on how far you in their career, traveling back to a fa- the case. Why? left-handed kids with paddles to get fatally Obviously, hating them is in- them to do things the “right” way, pun Redbird Writer live from the institution of your miliar place is obviously much easier grained in our culture. Well, maybe not intended. If you are right-handed, you’re I intend to choice, traveling to and from your the closer you are. home/to and from the school or to “Depending on endowments America’s culture so much as the rest of probably not aware that there are right- clumsy? Well, probably not. Think enroll in an in-state university.
    [Show full text]
  • Hostess Brands, Inc. Bankruptcy
    University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Chapter 11 Bankruptcy Case Studies College of Law Student Work Spring 2013 Hostess Brands, Inc. Bankruptcy Kathryn K. Ganier Frederick L. Conrad III Wendy G. Patrick Follow this and additional works at: https://trace.tennessee.edu/utk_studlawbankruptcy Part of the Bankruptcy Law Commons, and the Business Law, Public Responsibility, and Ethics Commons Recommended Citation Ganier, Kathryn K.; Conrad, Frederick L. III; and Patrick, Wendy G., "Hostess Brands, Inc. Bankruptcy" (2013). Chapter 11 Bankruptcy Case Studies. https://trace.tennessee.edu/utk_studlawbankruptcy/6 This Article is brought to you for free and open access by the College of Law Student Work at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Chapter 11 Bankruptcy Case Studies by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. Hostess Brands, Inc. Bankruptcy Workouts and Reorganizations – Professor Kuney Spring 2013 Kathryn K. Ganier*, Frederick L. Conrad III**, and Wendy G. Patrick*** * Kathryn K. Ganier is a student at the University of Tennessee College of Law and a class of 2013 candidate for a Juris Doctorate with a concentration in business transactions. She received her BA in Foreign Affairs from the University of Virginia in 2006 and before law school was a manager for strategic planning at Samsung North America. Ms. Ganier and the other authors thank Dawn McCarty at Bloomberg for answering an email and assisting us with access to certain documents that we could not locate without her. ** Frederick L. Conrad III is a student at the University of Tennessee College of Law and a 2013 candidate for a Juris Doctor with a concentration in advocacy and dispute resolution.
    [Show full text]
  • Hostess Brands Have Been in the Hearts and Bellies of American Culture Since the 30’S
    ! ! ! Hostess Brands have been in the hearts and bellies of American culture since the 30’s. It’s safe to bet that they're aren't too many adults or kids that haven’t sunk their teeth into the sweet, gooey, creme-filled sponge cake known as the Twinkie…or a Ho Ho…or a Devil Dog…or one of my childhood favorites, the pretty, pink, coconuty-marshmallowy Sno Ball. ! The story begins in 1919, when the world was introduced to what we now know as the Hostess® CupCake. It’s perhaps the first and most significant moment in the history of snack cakes. Six years later, Continental Baking wanted to add a line of cakes to sell alongside a hot little item they were making called Wonder® bread. This new line of sweet treats became known as Hostess and the quintessential snack brand was born.! In 1930, Continental hit the sponge cake gold mine when Jimmy Dewar invented Twinkies®. On the way to a marketing meeting, Dewar, saw a billboard for Twinkle-Toe Shoes…and the Twinkie was born. At two for a nickel, popularity skyrocketed and it soon became Hostess' best-selling snack cake.The first Twinkies were quite different from the ones we know. For one thing, they were made with banana cream filling, not vanilla. But in World War II, there was a banana shortage, and vanilla became the standard flavor. The eggs, milk and butter in early Twinkies gave them a shelf life of only two days. Dewar had his salesman replenish store shelves every other day, but the practice was expensive and the need for a longer shelf life led to many changes in the Twinkie recipe throughout the years.
    [Show full text]
  • IBC Case Study
    Case Study: IBC Case Study Published on Alvarez & Marsal | Management Consulting | Professional Services (https://www.alvarezandmarsal.com) May 20, 2016 A&M was engaged to assess and improve corporate real estate management, renegotiate and restructure lease commitments and to unlock trapped value by selling surplus, functionally obsolete and underutilized real properties. Client Mandate Interstate Bakeries Corporation (“IBC”), the largest wholesale baker and distributor of fresh baked food products in the U.S., with the iconic Wonder Bread and Hostess brands, entered complex bankruptcy proceedings. A&M served as interim Chief Executive Officer and Chief Restructuring Officer during the reorganization. The complexity of the engagement involved several A&M practices, including the Real Estate Advisory Services (A&M REAS). While not its core business, IBC had a large portfolio of owned and leased real estate assets spread among its business units. There was little accountability or monitoring of real estate assets and no contribution benchmarks. A&M REAS was engaged to assess and improve corporate real estate management, renegotiate and restructure lease commitments and to unlock trapped value by selling surplus, functionally obsolete and underutilized real properties. A&M’s Approach Our professionals immediately began to improve performance and reduce the financial commitment of the portfolio through the renegotiation and restructuring of lease commitments under bankruptcy protection. A&M also identified and managed the disposal of surplus, obsolete and underutilized real property across the country. The process began with A&M forging consensus within IBC on properties chosen for disposal and educating IBC on the complex requirements of sales under §363 of the Bankruptcy Code.
    [Show full text]
  • UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT of NEW YORK ------X : in Re : Chapter 11 : Hostess Brands, Inc., Et Al.,1 : Case No
    12-22052-rdd Doc 3 Filed 01/11/12 Entered 01/11/12 02:55:09 Main Document Pg 1 of 163 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re : Chapter 11 : Hostess Brands, Inc., et al.,1 : Case No. 12-_____ (___) : Debtors. : (Jointly Administered) : ---------------------------------------------------------------x AFFIDAVIT OF BRIAN J. DRISCOLL IN SUPPORT OF FIRST DAY MOTIONS AND IN ACCORDANCE WITH LOCAL BANKRUPTCY RULE 1007-2 STATE OF NEW YORK ) ) ss: COUNTY OF NEW YORK ) Brian J. Driscoll, being duly sworn, deposes and says: 1. I am the Chief Executive Officer and a member of the board of directors of Hostess Brands, Inc., one of the debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, “Hostess” or the “Debtors”). I have held these positions at Hostess Brands, Inc. since June 2010. Additionally, I am the Chief Executive Officer, President and a member of the boards of directors of Debtors Interstate Brands Corporation and IBC Sales Corporation. I am also the President and a member of the boards of managers of Debtors IBC Trucking, LLC and IBC Services, LLC. Finally, I am the Chairman of the board of directors of MCF Legacy, Inc. As part of my employment and service in all of these capacities, I have 1 The Debtors are the following six entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Hostess Brands, Inc. (0322), IBC Sales Corporation (3634), IBC Services, LLC (3639), IBC Trucking, LLC (8328), Interstate Brands Corporation (6705) and MCF Legacy, Inc.
    [Show full text]
  • Twinkies Maker Preparing for Chapter 11 Filing
    Hostess Brands, Maker of Twinkies, Preparing for Chapter 11 Filing - WSJ.com#printMode Page 1 of 3 Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com See a sample reprint in PDF format. Order a reprint of this article now BUSINESS JANUARY 10, 2012 Twinkies Maker Preparing for Chapter 11 Filing By MIKE SPECTOR And JULIE JARGON Hostess Brands Inc. is preparing to file for Chapter 11 bankruptcy protection as soon as this week, said people familiar with the matter, a move that would mark the second significant court restructuring for the Twinkies and Wonder Bread baker in the past several years. The privately held Irving, Texas, company, which employs roughly 19,000 people and carries more than $860 million in debt, has been facing a cash squeeze amid high labor costs and rising prices for sugar, flour and other ingredients, according to people familiar with the matter. Those costs together have proved higher than the company's roughly $2.5 billion in annual sales, creating losses and cash shortfalls, the people said. Hostess Brands is preparing to file for bankruptcy Hostess also owes more than $50 million to vendors, which have protection. Shira Ovide joins Markets Hub to discuss a been demanding payments on shortened time frames because of brief history of the company that gave the world Twinkies and Wonder Bread. Hostess's financial condition, one of the people said.
    [Show full text]
  • UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT of NEW YORK ------X : in Re : Chapter 11 : Hostess Brands, Inc., Et Al.,1 : Case No
    12-22052-rdd Doc 15 Filed 01/11/12 Entered 01/11/12 03:42:43 Main Document Pg 1 of 86 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re : Chapter 11 : Hostess Brands, Inc., et al.,1 : Case No. 12-_____ (___) : Debtors. : (Jointly Administered) : ---------------------------------------------------------------x APPLICATION OF DEBTORS AND DEBTORS IN POSSESSION, PURSUANT TO SECTIONS 327(a) AND 329(a) OF THE BANKRUPTCY CODE, BANKRUPTCY RULES 2014(a) AND 2016(b) AND LOCAL BANKRUPTCY RULES 2014-1 AND 2016-1, FOR AN ORDER AUTHORIZING THEM TO RETAIN AND EMPLOY JONES DAY AS COUNSEL, NUNC PRO TUNC AS OF THE PETITION DATE TO THE HONORABLE UNITED STATES BANKRUPTCY JUDGE: Hostess Brands, Inc. and its five domestic direct and indirect subsidiaries, as debtors and debtors in possession (collectively, "Hostess" or the "Debtors"), respectfully represent as follows: Background 1. On the date hereof (the "Petition Date"), the Debtors commenced their reorganization cases by filing voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). By a motion filed on the Petition Date, the Debtors have requested that their chapter 11 cases be consolidated for procedural purposes only and administered jointly. 1 The Debtors are the following six entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Hostess Brands, Inc. (0322), IBC Sales Corporation (3634), IBC Services, LLC (3639), IBC Trucking, LLC (8328), Interstate Brands Corporation (6705) and MCF Legacy, Inc. (0599). NYI-4357827v7 12-22052-rdd Doc 15 Filed 01/11/12 Entered 01/11/12 03:42:43 Main Document Pg 2 of 86 2.
    [Show full text]
  • Dd Doc 3 Filed 01/11/12 Entered 01/11/12 02:55:09 Main Document Pg 1 of 163
    12-22052-rdd Doc 3 Filed 01/11/12 Entered 01/11/12 02:55:09 Main Document Pg 1 of 163 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x : In re : Chapter 11 : Hostess Brands, Inc., et al.,1 : Case No. 12-_____ (___) : Debtors. : (Jointly Administered) : ---------------------------------------------------------------x AFFIDAVIT OF BRIAN J. DRISCOLL IN SUPPORT OF FIRST DAY MOTIONS AND IN ACCORDANCE WITH LOCAL BANKRUPTCY RULE 1007-2 STATE OF NEW YORK ) ) ss: COUNTY OF NEW YORK ) Brian J. Driscoll, being duly sworn, deposes and says: 1. I am the Chief Executive Officer and a member of the board of directors of Hostess Brands, Inc., one of the debtors and debtors in possession in the above-captioned chapter 11 cases (collectively, “Hostess” or the “Debtors”). I have held these positions at Hostess Brands, Inc. since June 2010. Additionally, I am the Chief Executive Officer, President and a member of the boards of directors of Debtors Interstate Brands Corporation and IBC Sales Corporation. I am also the President and a member of the boards of managers of Debtors IBC Trucking, LLC and IBC Services, LLC. Finally, I am the Chairman of the board of directors of MCF Legacy, Inc. As part of my employment and service in all of these capacities, I have 1 The Debtors are the following six entities (the last four digits of their respective taxpayer identification numbers follow in parentheses): Hostess Brands, Inc. (0322), IBC Sales Corporation (3634), IBC Services, LLC (3639), IBC Trucking, LLC (8328), Interstate Brands Corporation (6705) and MCF Legacy, Inc.
    [Show full text]
  • More Twinkies Rolling Off the Line | the Kansas City Star
    More Twinkies rolling off the line | The Kansas City Star NEWS > BUSINESS More Twinkies rolling off the line BY DIANE STAFFORD - THE KANSAS CITY STAR 07/07/2014 7:32 PM | Updated: 07/07/2014 7:32 PM Emporia, Kan., could have bragging rights as the Twinkie capital of the world. Its Hostess Brands plant, reopened last year and expanded this year, has added $30 million worth of improvements, including a $25 million bakery line to churn out more snack cakes. http://www.kansascity.com/news/business/article687439.html[7/8/2014 7:54:49 AM] More Twinkies rolling off the line | The Kansas City Star On Friday, a 9:30 a.m. ribbon cutting will celebrate construction of a new 36,000-square- foot warehouse. On Saturday, the city’s Flinthills Mall will have a Twinkie festival, where from 10 a.m. to 1 p.m. there will be Twinkie-themed costume, recipe, song and eating contests. Emporia officials are relishing the city’s status as home to the company’s flagship snack cake bakery, which also turns out Hostess Cup Cakes, Donettes, Coffee Cakes and a new product, Greek Yogurt Cakes. “It’s beneficial to us and to Hostess, too,” said Rob Gilligan, a city commissioner and chairman of the Emporia Regional Development Association of East Central Kansas. “We’re glad they recognize the productivity of our people.” When the new bakery line is fully operational it will produce 1.6 million Twinkies a day and is expected to be the top Twinkie producer in the Hostess network.
    [Show full text]
  • Doing What We Do Best Flowers Foods
    DOING WHAT WE DO BEST FLOWERS FOODS FLOWERS 20 2006 ANNUAL REPORT ANNUAL 2006 06 1919 Flowers Circle • Thomasville, Georgia 31757 • www.flowersfoods.com 2006 annual report Flowers Foods At a Glance Flowers Foods, Inc. (NYSE: FLO), headquartered in Thomasville, Ga., is one of the nation’s leading producers and marketers of packaged bakery foods for retail and foodservice customers.The company’s 36 highly efficient bakeries produce breads, buns, rolls, INVESTOR INFORMATION snack cakes, and pastries that are distributed fresh throughout the Southeast, Southwest, and Mid-Atlantic region and frozen to customers nationwide. Flowers’ brands include Nature’s Own, Whitewheat, Cobblestone Mill, ButterKrust, Evangeline Maid, Dandee,Mary Jane, Captain John Derst,European Bakers, Mrs.Freshley’s, Blue Bird, Mi Casa, as well as regional franchised brands, such as Sunbeam and Bunny. STOCK LISTING WEBCASTS Flowers Foods’ common stock is listed on the New Flowers Foods broadcasts quarterly earnings York Stock Exchange under the ticker symbol FLO. conference calls and other live presentations over the Internet.The company posts notices of these Soft variety and premium WEB SITE specialty breads, buns, rolls White breads, buns, rolls Snack cakes, pastries webcasts and archived webcasts on the Flowers Information on Flowers Foods is posted on the Web site and individuals can sign up to receive Internet at www.flowersfoods.com. e-mail notification of webcasts. Upcoming 2007 FINANCIAL INFORMATION webcasts are scheduled for May 24, June 1, Flowers Foods’ annual report, Form 10-K, press August 16, and November 8.These dates are releases, and other financial documents are available subject to change.
    [Show full text]