September 22, 2004, 10:53 AM
Twinkies maker gets creamed
The maker of Wonder Bread, Twinkies, and other baked goods has filed for Chapter 11 bankruptcy protection. There's a possibility Interstate Bakeries Corp. might never emerge, the company acknowledged.
Last month the company missed a second deadline for filing its annual report, after request an extension in May because of a series of investigations into its reserve fund for workers' compensation claims.
The report was due Aug. 27, but the company said it was still not finished because of problems with a financial system it started using in June, uncertainty over results for the current quarter, and questions about its ability to pay its loans this year.
It also said there was a possibility that auditors would include a paragraph in the report saying “there may be substantial doubt about the company's ability to continue as a going concern.”
Say it ain't so, Hostess!
(Note: please forgive the quality of the picture. I'm not a Matt Forge-style pro at the Photoshop game just yet.)
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