Union fights Interstate Bakeries' plea for bankruptcy extension

[Omaha Steve]

http://www.nbcactionnews.com/news/local/story.aspx?content_id=13461d0f-8871-4476-824d-3ae8859fe756

KANSAS CITY, Mo. (AP) - The Teamsters union wants to allow more players to the table in discussing the future of bankrupt Interstate Bakeries Corp.

The union, locked in a bitter dispute with the Kansas City-based maker of Twinkies and Wonder bread, asked a bankruptcy judge Wednesday to deny the company's request for more time to develop its reorganization plan.

That plan, explaining how the company would exit bankruptcy, is due Oct. 5. Two weeks ago, Interstate Bakeries asked to extend the deadline to Jan. 15, saying it was talking with lenders interested in providing post-bankruptcy funding but those discussions hinged on reaching agreement with its two top unions by Sept. 30.

If those agreements aren't possible, the company said it needed 30 extra days to work out a new plan for the company, which could include liquidation.

But the Teamsters, which represents about 10,000 of Interstate Bakeries' 25,000 employees, said in court filings that Interstate Bakeries has had more than enough time over the past three years to develop a reorganization plan.

"Like a beached whale, these large debtors are going nowhere," the Teamsters said in their filing.

FULL story at link.