Interstate Bakeries Runs Into Financing Roadblock

Law360, New York (January 9, 2009, 12:00 AM EST) -- Interstate Bakeries Corp. has hit a snag in its efforts to secure financing to exit Chapter 11, with the bankrupt maker of Wonder Bread and Twinkies struggling to tie up loose ends amid the economic downturn.

On Friday, the bakery giant revealed the financing delay, trying to quell rumors about the reason for the postponement of Interstate's emergence from bankruptcy.

"It is no secret that this is a tough financial environment," said Thomas Mulligan, speaking for IBC. "While completing exit financing is taking longer than anybody...
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