Hostess seeks court approval for executive bonuses
8:55 AM, Nov 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.