The maker of Twinkies, Ding Dongs and Ho Hos said the incentive pay is needed to retain the 19 corporate officers and “high-level managers” during the liquidation process, which could take about a year.
A bankruptcy court judge is approving a request by Hostess Brands Inc. to begin winding down its operations.
The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
New York will play host Monday to Hostess brands, as the maker of Twinkies, Drake’s cakes and Wonder Bread will have a hearing in U.S. Bankruptcy Court in White Plains.
Hostess, the maker of Twinkies and Wonder Bread, is going out of business, closing plants, laying off its 18,500 workers and putting its brands up for sale.
New York City health officials announced Tuesday that Butterball, Hostess and four other companies had joined an effort to cut salt levels in packaged foods by 25 percent.
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