Interstate Bakeries Closes In On Reorganization Plan

Law360, New York (September 2, 2008, 12:00 AM EDT) -- Almost four years after filing for Chapter 11, Interstate Bakeries Corp. has said it is on the verge of finalizing a reorganization plan that will spare the maker of Twinkies and Wonder Bread from liquidation.

While IBC is hopeful that the long-awaited plan is only days away, it conceded that the final plan of reorganization hinges on compromises from lenders and creditors alike and may never be realized, according to a Tuesday filing with the U.S. Securities and Exchange Commission.

Recent negotiations have brought the parties...
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