www.WHEC.com

Hostess to seek approval for executive bonuses

Posted at: 11/29/2012 12:37 PM
By: Associated Press

Hostess Brands Inc. plans to ask for a judge's approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
 
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year. Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
 
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
 
The process includes the quick sale of its brands, which also include Wonder Bread. Hostess says it has received a flood of interest in the brands.
 
The company's bankruptcy means loss of about 18,000 jobs.