Hostess to seek approval for $1.8M in executive bonuses, liquidation plan
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.