Hostess union hires investment bank
NEW YORK (AP) -- The pension fund for one of Hostess Brands' unions has hired an investment bank to represent workers and pensioners as the maker of Twinkies and Wonder Bread sells off its brands.
In a statement posted Sunday on its website, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which represents around 6,000 Hostess bakers, said Gordian Group LLC will represent the fund.
Gordian, a New York investment banking firm that specializes in distressed cases, has represented unionized workers at American Airlines, which is undergoing restructuring in bankruptcy. It's also an adviser in the ongoing liquidation of disgraced investor Bernard Madoff's firm.
Earlier this month, Irving, Texas-based Hostess selected Flowers Foods Inc. to buy its six bread brands, including Wonder Bread, along with 20 bakeries and 38 depots, for $390 million.
Flowers Foods, based in Thomasville, Ga., was selected as the stalking horse bidder for the bread brands. That means higher competing bids can still be made and the final deal must be approved in bankruptcy court.
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