August 22, 2008: Just a day after the International Brotherhood of Teamsters said Interstate Bakeries Corp.’s bankruptcy reorganization was nearly toast, the union announced a deal to save it.

The union, which represents about 9,500 of the baking giant’s roughly 25,000 employees, said it worked overnight Tuesday to strike a deal with hedge fund Ripplewood Holdings and creditors to craft a plan the Teamsters say will “save IBC from liquidation and protect Teamster jobs,” according to its news release.

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