Hostess to seek approval for $1.8M in executive bonuses, liquidation plan
by The Associated Press
Maker of Twinkies, Ding Dongs and Ho Hos says incentive pay needed to retain 19 managers
NEW YORK—Hostess Brands Inc. plans to ask for a judge’s approval to give its top executives bonuses totalling up to $1.8-million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year.
Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
The process includes the quick sale of its brands, which also include Wonder Bread.
Hostess says it has received a flood of interest in the brands.
The company’s bankruptcy means loss of about 18,000 jobs.
