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:
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...
Benefits |
The Factors at Play in IBM’s Shift to a Cash Balance Plan Reviewed
IBM’s move away from the 401(k) match leads industry experts to evaluate the shortcomings of defined contribution plans in providing...
Benefits |
US Corporate Pension Funding Rises Despite September Market Challenges
Equity losses for the month were offset by the largest single-monthly decline in liability value this year.