Court grants Hostess permission to liquidate

The good news is, potential buyers have been sniffing around the company’s brands

It’s really happening, everyone. On Wednesday, after a four-hour hearing, U.S. Bankruptcy Judge Robert Drain officially granted Hostess Brands Inc. permission to shut down. The process, which will be headed up by restructuring specialist Gregory Rayburn, is expected to take one year.

"It appears clear to me that the debtors have taken the right course in seeking to implement the wind-down plan as promptly as possible," Drain said at the end of the hearing.

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