NEW YORK (November 29, 2012)--A bankruptcy judge Thursday in New York approved Texas-based Hostess Brands’ plan to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos said the incentive pay is needed to retain the 19 managers during the liquidation process, which could take about a year.
Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation.
The judge also approved the rest of the Hostess wind-down plan.
The process includes the quick sale of its brands, which also include Wonder Bread.
Hostess said it has received a flood of interest in the brands.
The Irving-based company's bankruptcy means loss of about 18,000 jobs.