IBC: discussing Chapter 11 exit and possible sale

Kansas City / MO. (ibc) Interstate Bakeries Corporation (IBC) is in talks with multiple groups that could provide new ways for the company to emerge from three-and-a-half years of Chapter 11 bankruptcy, including a sale of its assets to several buyers. The company´s Butternut Breads division operates a bakery plant in Queensgate, as well as 16 Butternut and Wonder Bread / Hostess outlet stores in the Tri-State. Some days ago New York-based Ripplewood Holdings LLC, a potential equity investor, proposed labor concessions that the International Brotherhood of Teamsters union would agree to based on Ripplewood´s involvement, IBC said. The union has said it would rather see IBC liquidate than agree to the company´s new business plan, and the union´s agreement is necessary for IBC to get exit financing. IBC´s current Chapter 11 exit plan is based on Silver Point Finance LLC´s 400 million USD exit financing commitment, which expires March 14. The company plans to continue talks with Silver Point and other parties. In case it doesn´t reach a confirmable emergence plan, IBC is simultaneously preparing to sell its businesses and assets. IBC also has begun discussions to extend the maturity date and expand the size of its debtor-in-posession credit facility, set to expire June 02.