One of the America’s biggest baking companies, Hostess Brands, which owns the iconic Twinkies brand, has filed for bankruptcy. The Texas-based company operates 36 bakeries in the United States and employs up to 19,000 people. According to reports, the company owes US$944 million to the U.S. Bakery & Confectionary Union & Industry Pension Fund alone. Hostess Brands announced yesterday (12 January 2012) that it has filed voluntary petitions for reorganisation under Chapter 11 of the U.S.... ...Read more »

US regional supermarket operator Bi-Lo announced yesterday (13 May) that it has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection.”Today is a great day for Bi-Lo, our team mates and our loyal customers,” said company president and CEO Michael Byars. “With our financial restructuring behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions Bi-Lo for continued success in the... ...Read more »

US supermarket group Bi-Lo has indicated that it expects to emerge from Chapter 11 bankruptcy protection in May, after a South Carolina court approved its reorganisation plan.BI-Lo, which operates 207 supermarkets, filed for bankruptcy 13 months ago when it found itself unable to refinance maturing loans due to the credit crunch. The group’s refinancing plan, which is sponsored by Lone Star Funds, includes a US$150m equity investment from the investment funds as well as a $200m committed term... ...Read more »

Sweetener manufacturer Merisant has filed for Chapter 11 bankruptcy in the US as they seek to restructure their balance sheet in order to free up funds for supporting a sweetener derived from the stevia plant. The company, best known for their Equal sweetener, has come under heightened pressure in the industry as other sweeteners – particularly Tate & Lyle’s Splenda – begin to eat away at their market share. They have struggled to meet debt obligations as the financial turmoil... ...Read more »