Interstate Bakeries reaches agreement with union

http://uk.reuters.com/article/governmentFilingsNews/idUKN2844411820070929

WASHINGTON, Sept 28 (Reuters) - Bankrupt Twinkies maker Interstate Bakeries (IBCIQ.PK: Quote, Profile, Research) said on Friday it reached an agreement on contract modifications with the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union (BCTGM).

The maker of Wonder bread, Hostess Twinkies and Drake's cakes filed for Chapter 11 in the Western District of Missouri in September 2004.

Interstate has said if it did not reach new agreements with its two primary unions, BCTGM and the International Brotherhood of Teamsters, by Sept. 30, 2007, it will ask for a 30-day extension to come up with a liquidation plan.

"IBC still holds out hope that we can reach agreement with the Teamsters, but time is running out," Craig Jung, chief executive of the Kansas City, Missouri-based wholesale baker and distributor, said in a statement. (Reporting by Christopher Doering)