Hostess Brands' losses mount02 October 2012US baker Hostess Brands lost $9.4 million during July and August, according to a report filed with the US Bankruptcy Court. Hostess said that its losses eased from $15.4 million in July to $7.2 million in August. The cake and bread baker incurred interest costs of $1.9 million and a $4 million loss from reorganising. The loss before interest, taxes, depreciation and amortisation amounted to $772,000. The Irving, Texas-based firm filed for bankruptcy for the second time in January listing assets of $982 million against a debt pile of $1.43 billion. On 3 October, Hostess will call on a US bankruptcy court to implement contract concessions on employees belonging to the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union (BCTGM). 92% of members opposed a final redundancy offer last month. | |
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