Hostess Brands filed a plan to emerge from bankruptcy which will involve cuts in employees' pay, health and pension plans.
But the future of the maker of Twinkies and Wonder Bread is still in doubt. The company said it could still go out of business if the Bakery Workers union carries out a threat to strike.
The iconic company's reorganization plan, filed Wednesday with the federal bankruptcy court in New York, calls for an 8% cut to employees' wages, a reduction in health benefits, and a freeze in pension plan payments for more than two years. Under the plan, the company will also not pay $2 billion it owes to many of its creditors, including vendors.
Read the full story on CNN Money - "Twinkies maker has plan to emerge from bankruptcy: wage cuts"
While you're frying up some eggs and bacon, we're cooking up something else: a way to celebrate today's food holiday.
Meat lovers rejoice! October 11 is National Sausage Pizza Day.
Whether you prefer your crust as thick as The Oxford American English Dictionary or paper-thin, today, there is one important topic (or topping for that matter) we can all agree on: Sausage!
In fact, Pizza Hut thinks the meaty topping is so considerable, it needs to be discussed at the national level. The pizza chain is offering free pizza for life (read one large pizza a week for 30 years) to anyone who asks Mitt Romney and Barack Obama whether they prefer sausage or pepperoni on their pie during the town hall presidential debate on October 16.
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