Get more! Sign up for PLANSPONSOR newsletters.
Benefits January 11, 2012
Hostess Files Bankruptcy After Failing to Reach Pension Agreement
January 11, 2012 (PLANSPONSOR.com) – Hostess Brands Inc. filed bankruptcy protection after failing to reach an agreement on pension and health benefits.
Reported by Tara Cantore
According to news reports, in order to reorganize itself, the company will need to withdraw from multiemployer pension plans, address legacy health and welfare costs and secure new capital to modernize its production and distribution operations.
Hostess has approximately $860 million in debt. The company says it does not expect disruptions in the manufacturing and delivery of its products during the bankruptcy process.
You Might Also Like:
Opinions |
Why PBGC’s Flat-Rate Premiums Need to Drop
Lowering premiums might spur some organizations to consider offering a defined benefit plan, which could be an additional form of...
None of the Largest US Corporate Pension Funds are Less Than 75% Funded, Per Milliman
The firm’s 2024 research found at least three pension funds with more than 140% funding levels.
Julie Su’s Nomination for Secretary of Labor Passes Senate Committee
The vote was held in a closed session and advanced by a party-line vote; meanwhile, the Senate committee chaired by...