[Homestead] No more Twinkies made me crazy, Judge.

Tvoivozhd tvoivozd at infionline.net
Wed Sep 22 21:57:59 EDT 2004


Uneconomic giantism can kill a company---it is impossible to 
economically ship air inside a gluten foam cross-country when a local 
breadmaker doesn't have to ship his product at all---or at least no 
farther than from his kitchen to a display case a few steps away.

Kroger made this stupid mistake in the Mid-Atlantic area, which used to 
be its most profitable a few years ago, now probably its least. They 
owned a fine, newly-equipped Roanoke bakery and shut it down to ship 
bread from Cincinnati. Inside political maneuver, nothing to do with 
profit or loss.
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*Twinkies Maker Seeking Ch. 11 Protection*

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Sep 22, 10:18 AM (ET)

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KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp. (IBC 
<http://finance.myway.com/jsp/qt/full.jsp?time=0&symbol_search_text=IBC>), 
the nation's largest wholesaler baker whose products include Twinkies 
and Wonder Bread, filed for Chapter 11 bankruptcy protection early 
Wednesday. The company also named a new chief executive.

The electronic filing, made shortly after midnight with the U.S. 
Bankruptcy Court for the Western District of Missouri in Kansas City, 
listed assets of $1.626 billion and liabilities of $1.321 billion.

The company said it had a commitment, subject to bankruptcy court 
approval, from JP Morgan Chase Bank to provide $200 million to pay 
suppliers, employees and other operating costs during the 
reorganization. It said it would continue operating its bakeries, outlet 
stores and distribution centers.

James R. Elsesser, who had been chairman and chief executive officer, 
resigned both positions effective Wednesday, and the board named Tony 
Alvarez as CEO, with John Suckow to be chief restructuring officer. Both 
are with Alvarez & Marsal, a turnaround management firm founded and 
headed by Alvarez.

Leo Benatar, a member of the board, was elected to be the non-executive 
chairman.

"IBC has some of the most recognizable and popular baked breads and 
sweet goods brands in the nation," Alvarez said in a statement. "By 
filing for protection under Chapter 11 and obtaining...financing, the 
company should have the liquidity, time and resources necessary to 
thoroughly identify, assess and address the issues that will enable this 
company to be successful in the future."

Last month the company missed a second deadline for filing its annual 
report, after request an extension in May because of a series of 
investigations into its reserve fund for workers' compensation claims.

The report was due Aug. 27, but the company said it was still not 
finished because of problems with a financial system it started using in 
June, uncertainty over results for the current quarter, and questions 
about its ability to pay its loans this year.

It also said there was a possibility that auditors would include a 
paragraph in the report saying "there may be substantial doubt about the 
company's ability to continue as a going concern."

Interstate, with annual sales of $3.5 billion, operates more than 50 
bakeries and employs about 34,000, including 600 of them in the Kansas 
City area.

The company's shares closed at $3.27 on the New York Stock Exchange 
Tuesday, down 13 cents.

A call Wednesday morning to Mark Dirkes, vice president for corporate 
marketing and the company spokesman, was not immediately returned.

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other general financial news 	



• 	Fannie Mae Shares Drop Amid SEC Probe 
<http://apnews.myway.com/article/20040922/D858VNVG0.html>
• 	IMF Report Disputes Housing Bubble Theory 
<http://apnews.myway.com/article/20040922/D858VMDG0.html>
• 	Deaths at Work Rise Slightly in 2003 
<http://apnews.myway.com/article/20040922/D858VLEO1.html>
• 	Wednesday's Money Rates 
<http://apnews.myway.com/article/20040922/D858VHHG0.html>
• 	Wednesday's Commodities Roundup 
<http://apnews.myway.com/article/20040922/D858VGN80.html>
• 	Oil Prices Soar on Worrisome Supply News 
<http://apnews.myway.com/article/20040922/D858VG981.html>
• 	Coke CEO Says Reorganization Hurt Morale 
<http://apnews.myway.com/article/20040922/D858VFEG0.html>
• 	Bed Bath & Beyond Earnings Up 23 Percent 
<http://apnews.myway.com/article/20040922/D858VE380.html>
• 	Twinkies Maker Seeking Ch. 11 Protection 
<http://apnews.myway.com/article/20040922/D858VCUO0.html>
• 	Outback Shutters Chi-Chi's Chain 
<http://apnews.myway.com/article/20040922/D858VAN02.html>



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