Kansas City / MO. (ibc) Interstate Bakeries Corporation (IBC) announces that it has reached agreement on contract modifications with the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union (BCTGM). The maker of Wonderbread, Hostess Twinkies and Drake´s cakes filed for Chapter 11 in the Western District of Missouri in September 2004.
«We appreciate the responsiveness, hard work and professionalism that the BCTGM´s leadership has demonstrated throughout this difficult process. Their commitment to our company and its employees is to be applauded», says Interstate Bakeries´ CEO Craig Jung: Our goal from the outset has been to return IBC to profitability through initiatives that lower costs and sustain competitive advantage. I believe these modifications take us a long way toward that goal. IBC still holds out hope that we can reach agreement with the Teamsters, but time is running out. We are committed to working 24 hours a day to reach an agreement that is mutually acceptable to our company and the Teamsters».
IBC has said on September 28th, that if agreements regarding modifications to the collective bargaining agreements with the company´s two principal labor unions, the BCTGM and the International Brotherhood of Teamsters, are not reached by September 30th, then it would seek approval of the Bankruptcy Court to extend the exclusive periods within which to file and solicit acceptances of a plan of reorganization for thirty days from the existing deadlines of October 5th and January 5th, respectively in order for the company to have an opportunity to formulate a rational strategy for maximizing value of the bankruptcy estates, including a sale of the company and / or its assets in its entirety or in a series of transactions. The Bankruptcy Court motion on the extension of the exclusive periods will be heard October 3rd.
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