Twinkies May Have Unlimited Shelf Life but Hostess Does Not

Hostess Brands entered into Chapter 22 (meaning their second chapter 11) bankruptcy saying they were not competitive in the marketplace - primarily blaming their unionized workforce.

The company has about 19,000 full-time and part-time employees, including 10,413 hourly workers and 8,436 salaried workers, according to a court filing. About 83% of the employees are union members.

The Irving, Texas-based baker intends to withdraw from pension plans and modify collective-bargaining agreements with unions, according to court documents.

The company listed the Bakery & Confectionery Union & Industry International Pension Fund, to which it owes $944.2 million, as its largest unsecured creditor.

Hostess said it has secured $75 million in debtor-in-possession financing from its existing lenders led by Silver Point Capital LP.

Sell the brand names, close the rest.