NEW YORK (November 29, 2012)—Texas-based Hostess Brands Inc. planned to ask for a judge's approval Thursday to give its top executives bonuses totaling as much as $1.8 million as part of its wind-down plans.
The maker of Twinkies, Ding Dongs and Ho Hos says 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.
Hostess is also seeking final approval for its wind-down, which was approved on an interim basis last week.
The process includes the quick sale of its brands including Wonder Bread.
Hostess said it has received a flood of interest in the brands.
The company's bankruptcy means loss of about 18,000 jobs.
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