August 20, 2008: The International Brotherhood of Teamsters says lenders are holding up a potential plan for helping Interstate Bakeries Corp. exit almost four years of bankruptcy protection, endangering thousands of jobs.
In a news release, the Teamsters, who represent more than 9,500 Interstate Bakeries workers, singled out JPMorgan Chase Bank and hedge fund Monarch Alternative Capital for blocking the plan the union said it has negotiated with investor Ripplewood Holdings from moving forward.
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