Hostess seeks court approval for executive bonuses
CHICAGO, IL - NOVEMBER 15: Hostess Brands products are shown on November 15, 2012 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)
Copyright Getty Images
Posted: 11/29/2012
NEW YORK (AP) - Hostess Brands Inc. plans to ask for a judge's approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
The process includes the quick sale of its brands, which also include Wonder Bread. Hostess says it has received a flood of interest in the brands.
The company's bankruptcy means loss of about 18,000 jobs.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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