IBC: says reorganization plan is in «final stages»

Kansas City / MO. (ibc) After four years in bankruptcy, Interstate Bakeries Corporation (IBC) said in a filing with the US-American Securities and Exchange Commission (S.E.C.), that it is in the «final stages of negotiating a plan of reorganization and related financing». «Our Board of Directors is hopeful that the required parties will reach agreement within the next few days, permitting our 2008 Form 10-K to be completed on a ‘going concern’ basis and filed by September 15», the company said in the S.E.C. filing. Still, the Kansas City, Missouri-based company warned that «significant issues remain unresolved» and it can not assure that agreements including the extension and increase of the debtor-in-possession facility can be reached on a timely basis. IBC filed for bankruptcy protection in September 2004, citing declining sales, a high fixed-cost structure, excess industry capacity, rising employee health-care and pension costs, and higher costs for ingredients and energy.
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