Twinkies Go Bankrupt!!
Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Twinkies Go Bankrupt!!

  1. #1
    Just a Virtualized Geek MrLinus's Avatar
    Join Date
    Sep 2001
    Location
    Redondo Beach, CA
    Posts
    7,324

    Unhappy Twinkies Go Bankrupt!!

    Waaaaaaaaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhhh!! Damn Low Carb Diets!

    Source: CNN

    Twinkies' maker files bankruptcy
    Interstate Bakeries, hit by accounting and low-carb woes, seeks Chapter 11 protection.
    September 22, 2004: 9:51 AM EDT

    NEW YORK (CNN/Money) - Interstate Bakeries, maker of Wonder Bread and Twinkies, filed for bankruptcy court protection early Wednesday.

    The company, which operates 57 bakeries throughout the United States and employs more than 33,000 people, listed assets of $1.6 billion and liabilities of $1.3 billion. It filed under Chapter 11 of the U.S. Bankruptcy Code, and said it intends to continue normal operations.

    Shares of Interstate Bakeries (IBC: Research, Estimates) plunged by more than 35 percent in early trading Wednesday. Shares have lost nearly 90 percent of value since hitting a 52-week high of $16.88 in March.

    The company has been hit by both accounting problems and a drop in sales it attributed to the popularity of low-carb diets. Last month, it missed an extended deadline for filing a 10K report with the Securities and Exchange Commission detailing its fiscal year financial results for the period ended May 29.

    It said in a statement the filing was brought on by liquidity issues, resulting from declining sales, a high fixed-cost structure, excess industry capacity, rising employee healthcare and pension costs and higher costs for ingredients and energy.

    The company also announced that Chairman and CEO James Elsesser had resigned. It named Leo Benatar as non-executive chairman and Antonio Alvarez as CEO. Alvarez is managing director of the turnaround firm Alvarez & Marsal. The company announced it had hired Alvarez & Marsal last month at the same time it announced the missed filing of a 10K.

    Interstate Bakeries "has some of the most recognizable and popular baked breads and sweet goods brands in the nation," said a statement from Alvarez. "By filing for protection under Chapter 11 and obtaining the DIP (bankruptcy) financing, the company should have the liquidity, time and resources necessary to thoroughly identify, assess and address the issues that will enable this company to be successful in the future."

    For the fiscal third quarter, the company reported a loss of $6.6 million, or 15 cents a share, little changed from the year-earlier loss in the period. Revenues were little changed at $1 billion.

    Interstate said it arranged for $200 million in debtor-in-possession financing from JPMorgan Chase. The company announced earlier this month that it had arranged for up to $255 million of availability on its revolving credit line, but that it had agreed to pay a half-percentage point higher rate due to missing the 10K filing. It also said at that time it needed to complete the 10K filing by Sept. 26 to stay in compliance with terms of that loan.
    Goodbye, Mittens (1992-2008). My pillow will be cold without your purring beside my head
    Extra! Extra! Get your FREE copy of Insight Newsletter||MsMittens' HomePage

  2. #2
    AO Decepticon CXGJarrod's Avatar
    Join Date
    Jul 2002
    Posts
    2,038
    DOh! I used to live on them. Maybe its time for a low carb twinkie?
    N00b> STFU i r teh 1337 (english: You must be mistaken, good sir or madam. I believe myself to be quite a good player. On an unrelated matter, I also apparently enjoy math.)

  3. #3
    Senior Member
    Join Date
    Oct 2002
    Posts
    4,055
    That sucks.. momma always packed them in my lunch as a child and I LOVED them
    Space For Rent.. =]

  4. #4
    a twinkie in the morning
    helps me keep awake.
    there's nothing quite as perky
    as a cream-filled sugar cake.
    a twinkie in the afternoon
    helps keep one on his task.
    in sunshine, love, and friendliness,
    and hostess snacks I bask.
    a twinkie in the evening
    is quite the thing for me.
    a great dessert for dinner meals
    this treat will always be.
    and finally, one last time,
    a twinkie before bed
    helps insure a good night's rest
    and sweet dreams in my head.

    http://www.twinkies.com/worldofwacky/poetry.asp
    StreetsCrack.com Join The Best Music Social Network Online. Music downloads, promotions, forums, profile, games etc...

  5. #5
    AO Soccer Mom debwalin's Avatar
    Join Date
    Mar 2002
    Posts
    2,185
    Or could it be the fault of those Twinkie making machines they sell at Wal-Mart? When you can make your own Twinkies, purchasing them becomes silly.
    Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read.

  6. #6
    er0k
    Guest
    no, the real deal is that americans are eating far more cheese now than bread. the twinkie people also make wonderbread, etc. the largest bread producer in the U.S. (commercially)

    Thats why they went bankrupt.

  7. #7
    BS, EnCE, ACE, Cellebrite 11001001's Avatar
    Join Date
    Mar 2002
    Location
    Just West of Beantown, though nobody from Beantown actually calls it "Beantown."
    Posts
    1,229
    What I know about twinkies:


    Twinkies have a shelf-life of 57.5 years.

    Twinkies are not cooked. A chemical reaction in the ingredients causes them to "flash-bake."

    Along with Cockroaches and some South-Pacific fish I can't think of the name of, Twinkies will survive Nuclear fallout.


    "I'll take seconds, please..."
    That's Officer 11001001 to you...
    Now you see me | Now you don't
    "Relax, Bender; It was just a dream. There's no such thing as two." ~ Fry
    sometimes my computer goes down on me

  8. #8
    AO Soccer Mom debwalin's Avatar
    Join Date
    Mar 2002
    Posts
    2,185
    Originally posted here by 11001001
    Twinkies are not cooked. A chemical reaction in the ingredients causes them to "flash-bake."

    The last time I heard something that upsetting is when someone told me you could use Coca-Cola to clean really nasty toilets cause the carbonation eats away at the scum.
    Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read.

  9. #9
    BS, EnCE, ACE, Cellebrite 11001001's Avatar
    Join Date
    Mar 2002
    Location
    Just West of Beantown, though nobody from Beantown actually calls it "Beantown."
    Posts
    1,229
    Deb-

    Sit down with me for an hour, and I can make you stop eating all of your favorite foods...

    That's Officer 11001001 to you...
    Now you see me | Now you don't
    "Relax, Bender; It was just a dream. There's no such thing as two." ~ Fry
    sometimes my computer goes down on me

  10. #10
    AO Soccer Mom debwalin's Avatar
    Join Date
    Mar 2002
    Posts
    2,185
    Originally posted here by 11001001
    Deb-

    Sit down with me for an hour, and I can make you stop eating all of your favorite foods...

    Nah, I still drink Diet Coke and have a cigarette for breakfast every morning. I just ignore all the bad stuff I hear. You should try it sometime, it works great!

    Coke will also take all the scum off of car battery terminals.
    Outside of a dog, a book is man's best friend. Inside of a dog it's too dark to read.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •