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Interstate Bakeries Moves Closer To Exiting Ch. 11

Law360 (January 14, 2009, 12:00 AM EST) -- Days after hitting an exit-financing snag, Interstate Bakeries Corp. has indicated that it is taking steps toward finalizing its once-stalling credit agreement with GE Capital Corp.

On Tuesday, the bankrupt maker of Wonder Bread and Twinkies revealed that it had been engaged in “productive discussions” with GE and that the deal would hopefully be hammered out “in the very near future."

Interstate hinted that once the agreement is done, the exit financing will close and the baker will finally be ready to hightail it out of...
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