As we have maintained repeatedly over the course of the last several months in our dealings with the Company, the key to Hostess’ long-term survival is finding a mutually agreeable solution among all parties – management, lenders, equity holders and employees. Any satisfactory solution must fix the underlying problems at Hostess once and for all and place the Company on a sound financial footing so that it can sustain the maximum number of high-quality Teamster jobs now and in the future.
Given significant managements missteps and how much Teamsters and other unionized Hostess employees already sacrificed to bring Hostess out of bankruptcy in 2009, finding such a solution is likely to be extremely difficult. Nonetheless, the Teamster Hostess National Bargaining Committee and General President Hoffa have committed all the available resources of the International to the situation, and we will keep you up to date on negotiations as they continue.
Since late July 2011, the IBT National Negotiating Committee has worked intensely to fully understand Hostess Brands’ operational and financial difficulties. For this task, we engaged outside financial experts and legal advisors to conduct in-depth due diligence and work with the IBT and management on a sustainable, long-term plan for the Company. The financial experts, MAEVA Advisors, led by its principal Harry Wilson, have worked with Hostess’ own advisors to determine the best path for improving Company operations and retaining - to the greatest extent possible - the maximum number of Teamster jobs. That has been, is and will continue to be our guiding mission.
Please refer to this part of the website to learn the latest on discussions with management, even through bankruptcy.