The 18,000 members of the Bakery, Confectionery, Tobacco Workers and Grain Millers (BCTGM) who've made our Twinkies and other classic snacks have a new ally in their struggle for their jobs and pensions and the company's survival.The bakery workers' pension fund has engaged a prominent New York investment banking firm in connection with Hostess Brands' Chapter 11 bankruptcy filing, BCTGM announced.
The Bakery, Confectionery Union and Industry International Pension Fund has hired Gordian Group, LLC, which has a track record of working with distressed financial situations.
"“We are making every effort for our members by working to preserve their jobs and pension benefits, and assisting with the continuation of Hostess’ business and operations," said BCTGM International President David B. Durkee. "The Bakers are here to work with bidders [in the possible sale of Hostess] in any way as our sole goal is to maximize jobs and pension benefits for our members.”
A history of mismanagement and debt drove Hostess into collapse, despite efforts by the workers to strengthen the company.