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Interstate’s Board Faces Opposition

Law360 (December 18, 2006, 12:00 AM EST) -- Opponents to Interstate Bakeries Corp.'s current board of directors are continuing to line up, with more parties hoping that a change in leadership will allow the embattled bakery giant to finally escape bankruptcy protection.

Interstate’s creditors and shareholders have reached a tentative agreement to oust the company's current board of directors, according to court papers filed last week.

The senior lenders, fronted by JP Morgan Chase, and the unsecured creditors committee decided to push for the board’s replacement after becoming increasingly concerned that the maker of...
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