Hostess Brands wins court approval to sell Drake’s and remaining bread brands
Hostess Brands Inc. has obtained U.S. Bankruptcy Court approval to sell its Drake’s snack cake brand as well as four of its northwest regional bread brands in two separate transactions totaling approximately $58.4 million in proceeds.
“The sale of Drake’s and the bread brands are the culmination of our efforts to sell the company’s major assets,” says Hostess Brands’ chairman and CEO Gregory F. Rayburn. “All of the company’s beloved brands can now live on and, importantly, we have maximized value for the company’s stakeholders. We now turn our attention to selling remaining miscellaneous assets and completing the liquidation.”