Interstate Bakeries Exits Chapter 11

Interstate Bakeries Corp. has emerged from bankruptcy after four years of operating under Chapter 11 protection, agreeing to a plan that gives financial control to New York investment firm Ripplewood Holdings and a group of the company’s lenders, news services reported.

The deal reportedly will give 19,000 union workers, including about 8,500 Teamsters, a future equity stake the company if it grows in return for concessions in pay, benefits and work rules.

Chief Executive Officer Craig Jung said the Kansas City, Mo., company, best known for making Wonder bread and Twinkies snack cakes, is ready to introduce new products and will begin testing a new delivery system in an effort to improve service and save money.

IBC operates a fleet of 1,150 tractors and 7,865 straight trucks and is ranked No. 24 on the Transport Topics Private 100 listing of U.S. and Canadian private carriers.