Posted: Jan 20, 2013 8:51 PM by Annie Snead
NEW YORK (AP) - The pension fund for some of Hostess Brands' workers has hired an investment bank to represent workers and pensioners as the Twinkie maker sells off its brands.
In a statement posted Sunday on its website, the bakers' union says the New York firm Gordian Group LLC will represent the fund.
Gordian President Peter Kaufman says his company will try to ensure potential buyers hire former Hostess workers and honor the company's pension obligations.
The Bakery and Confectionery Union and Industry International Pension Fund pays out $42 million in benefits per month to 52,000 pensioners.
Hostess in November filed bankruptcy and moved to liquidate after it failed to reach a contract agreement with the union, which represented about one-third of its 18,000 workers.
(Copyright 2013 The Associated Press. All rights reserved.)