IBC suitor denounces plan
The Kansas City Star
Wednesday, January 16, 2008
By Jennifer Mann
The Kansas City Star
Yucaipa Cos., which wants to buy Interstate Bakeries Corp., said Tuesday that IBC’s plan to emerge from bankruptcy is so flawed it should not be distributed to creditors for consideration.
Midnight Tuesday was the deadline for investors to file competing plans for bringing the wholesale baker out of bankruptcy.
If other plans are filed, there will be an auction for the company on Jan. 22.
For a full story, click here.
slipandslide (anonymous) says...
oh no
January 16, 2008 at 8:24 a.m. ( permalink | suggest removal )
netloafer (anonymous) says...
The KC Star piece said that the Teamsters would rather have the company liquidated than continue working with current IBC management.
A year ago IBC stock was at about four bucks a share. It's been selling for a penny a share for a couple of months now.
It doesn't appear at this point there are any suitors willing to take IBC on as a project.
Push is really coming to shove.
January 16, 2008 at 11:07 a.m. ( permalink | suggest removal )
create (anonymous) says...
I guess I'm being naive here, but I don't understand why the Teamsters would just as soon see the company liquidated. They lose a lot of dues when so many become unemployed. I guess I'm just thinking of some sort of compromise as opposed to all out liquidation. This is not good news.
January 16, 2008 at 2:52 p.m. ( permalink | suggest removal )
hartford (anonymous) says...
This town does not need to lose any more businesses, especially one that employes as many as this one.
I have friends that work at Menu and they are in the middle of another big lay off. What is going to happen to this town????
I just feel for the employees here at Dolly Madison! I hope they can come up with something that will keep many employed.
January 16, 2008 at 3:40 p.m. ( permalink | suggest removal )
netloafer (anonymous) says...
Create
The state of labor/management relations doesn't seem to make sense on the surface, but there is apparently some history between the Teamsters and current Interstate Brands management.
Yucapia has said that they have an agreement in principle with the Teamsters if they buy the company, but Interstate's management is fighting Yucaipa tooth and nail. I think that could be because they sense that Yucaipa would sweep the management offices clean and leave rank and file intact.
January 16, 2008 at 4:40 p.m. ( permalink | suggest removal )
create (anonymous) says...
Ah, yes Netloafer, that makes sense if management is likely to be replaced by Yukaipa. Thanks.
Also, I didn't know that Menu was in the middle of another lay off. Terrible. This is a worrisome thing for us all.
January 17, 2008 at 12:51 p.m. ( permalink | suggest removal )