Hostess Brands Files for Chapter 11

The continued slow economy as well as high employee-benefit costs have spurred Twinkie-maker Hostess Brands Inc. to file for Chapter 11 bankruptcy protection for the second time in three years, Bloomberg reported. According to court documents, the company hopes to renegotiate its collective-bargaining agreements with unions, including withdrawing from pension plans, the story said. About 83 percent of its employees are unionized, Bloomberg said.

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