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Hostess Brands dali, Media Contacts Hostess Brands is Closed We are sorry to announce that Hostess Brands, Inc. has been forced by a Bakers Union strike to shut down all operations and sell all company assets. For more information, go to hostessbrands.info. Thank you for all of your loyalty and support over the years If you are a member of the media and would like to speak with a Hostess Brands representative, please contact one of the Erik Halvorson erik.halvorson@hostessbrands.com HOSTESS BRANDS TO WIND DOWN COMPANY AFTER BCTGM UNION STRIE CRIPPLES OPERATIONS Friday, November 16, 2012 at 7:00AM Blynn Austin blynn.austin@hostessbrands.com Irving, TX - November 16, 2012 - Hostess Brands Inc. today announced that it is winding down operations and has filed a motion with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets, including its iconic brands and facilities. Bakery operations have been suspended at all plants. Delivery of products will continue and Hostess Brands retail stores will remain open for several days in order to sell already-baked products The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the Company's largest unions, the Bakery, Confectionery Tobacco Workers and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the Company's ability to produce and deliver products at multiple facilities On Nov. 12, Hostess Brands permanently closed three plants as a result of the work stoppage On Nov. 14, the Company announced it would be forced to liquidate if sufficient employees did not return to work to restore normal operations by 5 p.m., EST p.m., Nov. 15. The Company determined on the night of Nov. 15 that an insufficient number of employees had returned to work to enable the restoration of normal operations The BCTGM in September rejected a last, best and final offer from Hostess Brands designed to lower costs so that the Company could attract new financing and emerge from Chapter 11 Hostess Brands then received Court authority on Oct. 3 to unilaterally impose changes to the BCTGM's collective bargaining agreements Hostess Brands is unprofitable under its current cost structure, much of which is determined by union wages and pension costs concessions but also gave Hostess Brands' 12 unions a 25 percent ownership stake in the company, representation on its Board of Directors and $100 million in reorganized Hostess . The offer to the BCTGM in cluded wage, benefit and work rule

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Uploaded Nov 16, 2012 at 10:08PM EST

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Hostess Bankruptcy / No More Twinkies

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