November 8, 2007: Interstate Bakeries Corp. appears headed toward the final chapter of its reorganization with the approval Wednesday of $400 million in post-bankruptcy financing.
The approval also sets the stage for an auction of the company.
The financing plan from Silver Point Finance LLC set a so-called enterprise value of $580 million for IBC, when debt and equity to creditors are factored in. Interstate contends that that value sets a floor for other parties to bid on the company, whose products include Wonder bread and Hostess Twinkies.
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