EdwardKnoxII 0 Report post Posted September 24, 2004 http://money.cnn.com/2004/09/22/news/fortu...uptcy/index.htm 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. Share this post Link to post Share on other sites
kkktookmybabyaway 0 Report post Posted September 24, 2004 Twinkies never did much for me... Share this post Link to post Share on other sites
MrRant 0 Report post Posted September 24, 2004 Goddamn hippies and their low carb bullshit... Share this post Link to post Share on other sites
Spaceman Spiff 0 Report post Posted September 24, 2004 Twinkies never did much for me... Tastykake man? Share this post Link to post Share on other sites
Dr. Tom 0 Report post Posted September 24, 2004 Twinkies and cockroaches will survive the nuclear holocaust. I am convinced of that. EDIT: And Keith Richards, as another thread reminded me. Share this post Link to post Share on other sites
EricMM 0 Report post Posted September 24, 2004 Don't fucking blame hippies for low-carb shit. Soy and Granola, soy and granola. Its those fat-ass 50-something yuppies seeking a sixpack while dodging movement or exertion that are avoiding any and all carbs. Share this post Link to post Share on other sites
kkktookmybabyaway 0 Report post Posted September 24, 2004 Twinkies never did much for me... Tastykake man? Never had one, so I can't be that either. When it comes to Hostess, I'm a cupcake man... Share this post Link to post Share on other sites
geniusMoment 0 Report post Posted September 24, 2004 Yellow or chocolate? Share this post Link to post Share on other sites
Guest Agent of Oblivion Report post Posted September 25, 2004 Don't fucking blame hippies for low-carb shit. Soy and Granola, soy and granola. Its those fat-ass 50-something yuppies seeking a sixpack while dodging movement or exertion that are avoiding any and all carbs. Revelation: Granola's some alright stuff. Soy milk and soy "meat" can take a hike though. That's what cows are for. Share this post Link to post Share on other sites
kkktookmybabyaway 0 Report post Posted September 25, 2004 Yellow or chocolate? Chocolate all the way... Share this post Link to post Share on other sites
Ravenbomb 0 Report post Posted September 26, 2004 Yellow or chocolate? Chocolate all the way... d= =b Share this post Link to post Share on other sites
godthedog 0 Report post Posted September 26, 2004 Goddamn hippies and their low carb bullshit... what the fuck? that doesn't even make sense. hippies eat plants. Share this post Link to post Share on other sites
snuffbox 0 Report post Posted September 26, 2004 Twinkies and cockroaches will survive the nuclear holocaust. I am convinced of that. EDIT: And Keith Richards, as another thread reminded me. Dont disregard the immortality of Cher. Share this post Link to post Share on other sites
Guest BDC Report post Posted September 26, 2004 Cher will be killed by peasents with pitchforks and torches. Share this post Link to post Share on other sites
Guest Salacious Crumb Report post Posted September 28, 2004 Don't fucking blame hippies for low-carb shit. Soy and Granola, soy and granola. Its those fat-ass 50-something yuppies seeking a sixpack while dodging movement or exertion that are avoiding any and all carbs. Revelation: Granola's some alright stuff. Soy milk and soy "meat" can take a hike though. That's what cows are for. The only time I ate soy meat I got extremely sick. Share this post Link to post Share on other sites
Gary Floyd 0 Report post Posted September 29, 2004 Goddamn Atkins diet. If you ask me, this whole things just secretly an excuse for morbidly obese people to eat all of the bacon that they want. It's a tool of satan, much like HHH's title reigns and karaoke Share this post Link to post Share on other sites
snuffbox 0 Report post Posted September 29, 2004 Cher will be killed by peasents with pitchforks and torches. No chance...the 'skin' cannot be penetrated... Share this post Link to post Share on other sites
MarvinisaLunatic 0 Report post Posted September 29, 2004 As much as I hate country music, this is a pretty good parody oppertunity...although someone beat me to it and did a better job of it at that.. "I miss Twinkie the Kid" - To the Tune of "I Miss Billy the Kid" by Billy Dean: Opened up my lunch box, and I licked my lips Two golden twinkies and some ‘tater chips I’d tear through the wrapper they’d say Here comes young Twinkie and he’s gonna taste good~ I nearly swallow ‘em whole, even if they were hard Pretending they were bad guys, or candy bars Known for my hunger both far and near, being late for lunch was my only fear I miss Twinkie the Kid. The wrapper he had, The creamy filling he hid. I guess he must have got squashed, his insides were lost. I wonder where he is. I miss Twinkie the Kid. Share this post Link to post Share on other sites
