SARASOTA -- A Sarasota funding company has made multi-million bid to save the Twinkie from bankruptcy.
Hurst Capital LLLP filed a letter of intent Monday to acquire the assets of Hostess Brands Inc. with the United States Bankruptcy Court in the Southern District of New York.
The baker of iconic consumer brands including Twinkies, Ding Dongs, Ho Hos and Wonder bread, filed a motion Nov. 16 that seeks permission to close its business and sell its assets -- potentially ending an 82-year run.
Terms of the offer submitted by Hurst Capital were not disclosed. The purchase remains subject to creditor comments and approval from a federal bankruptcy judge.
"Hostess has over the past 80 years created several of the most recognizable and powerful brands in the United States," Hurst Capital Managing General Partner Austin Hurst said in a statement. "They have undeniable value and when combined with the other existing assets of the company represent a compelling acquisition opportunity."
The Hurst Capital letter of intent includes a "multimillion dollar" offer to acquire all the assets of Hostess Brands, including property, intellectual property, equipment and office supplies.
Hostess Brands management announced last week that they would liquidate the company, sell all assets and lay off 18,500 employees after striking workers protesting a bankruptcy-court imposed labor contract failed to return to work.
Hurst Capital works very closely with their portfolio companies and actively applies a multi-faceted business development program including funding, facilitation, advisory and consultative capacities, the company said.
For more on this story, pick up a copy of Tuesday's Bradenton herald or visit Bradenton.com later for updates.
Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitter@JoshSalman.