After winning important labor relief, Hostess Brands Inc., Irving, Texas, filed a plan to pay creditors and emerge from Chapter 11 protection.
The company won court approval to impose new labor terms on the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union and then filed a plan that would hand most of its ownership to a group of its existing lenders, Silver Point Finance, LLC, which would get a 75% stake in the restructured company, subject to dilution, while its unions would get the remaining 25% stake.