Interstate Says Burkle Plan Fails To Rise

Law360, New York (December 18, 2007, 12:00 AM EST) -- Interstate Bakeries Corp. has blasted the reorganization plan recently proposed by billionaire Ron Burkle's investment firm and the International Brotherhood of Teamsters, maintaining that the plan does not address a number of critical issues the bakery giant is currently facing.

On Friday, the bankrupt maker of Wonder Bread and Twinkies indicated that the Teamsters and Yucaipa's recent proposal does not constitute a qualified bid due to various “deficiencies” in the document.

"We are pleased that Yucaipa and the Teamsters continue to express interest in the company's...
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