Teamsters Seeking Help from Interstate Bakeries’ Creditors

The Teamsters union, which represents 9,500 employees of bankrupt Interstate Bakeries Corp., said hopes for the company’s successful emergence from bankruptcy were dimming, the Kansas City Star reported.

The Teamsters are calling on a group of five secured creditors, which in April lent IBC $250 million in financing, to support hedge fund Ripplewood Holdings’ efforts to buy the company, the Star said.

IBC is best known for its Wonder Bread and Hostess brands.

The Teamsters said that it reached terms with Ripplewood several months ago that would balance the needs of union members with the concessions and work rules IBC would need to get out of bankruptcy as a viable entity, the Star reported.