I didn't know that it was a labor dispute that pushed the company over the edge. Apparently Hostess filed back in January, with $1.3 bill in debt and $900 mill in assets.
Baker's union didn't want to take 8% cuts and pension changes, so now all 18,000 are probably out of work.
Court ruled mediation today to make one last attempt at negotiations.
(8% cuts seem better than 100% cuts to me!)
And oh yes, there will be "New and Improved" Twinkies. Lots of co.'s looking to buy up brand names.