Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Kraft Foods Inc    KFT

KRAFT FOODS INC (KFT)
Mes dernières consult.
Most popular
  Report  
SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Kraft Foods Inc. : Hostess returns to bankruptcy over pensions

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2012 | 09:50am CEST
A Wonder Bread delivery truck trailer is seen parked outside the bakery plant in New York

(Reuters) - Twinkies and Wonder Bread maker Hostess Brands Inc filed for bankruptcy protection for the second time in less than three years, after failing to reach an agreement with workers on pension and health benefits.

Hostess' declining financial performance, crippling legacy costs associated with its pension plans and massive debt levels led the company to Chapter 11 bankruptcy, court papers showed on Wednesday.

The company, which has about $860 million in debt, said it does not expect disruptions in the manufacturing and delivery of its products during the bankruptcy process.

To reorganize itself, the company must withdraw from multiemployer pension plans, address legacy health and welfare costs and secure new capital to modernize its production and distribution operations, Irving, Texas-based Hostess said.

The company had total assets of $981.6 million and liabilities of $1.43 billion as of December 10, 2011.

Hostess said it has secured $75 million in debtor-in-possession financing from its existing lenders led by Silver Point Capital LP.

The privately held company said it had made efforts to sell its businesses and other M&A alternatives, including reaching out to companies like Smuckers, Kraft, Blackrock, KKR and others without any success.

Hostess, founded in 1930, operates around 36 bakeries and employs about 19,000 people, a majority of whom are members of 12 unions.

"We remain hopeful that we can reach an agreement that will allow us to amend our labor contracts so that we can emerge from Chapter 11 as a highly competitive company that provides secure jobs for our employees," Chief Executive Brian Driscoll said in a statement.

Hostess, formerly known as Interstate Bakeries Corp, had first filed for bankruptcy protection in 2004 in Missouri and emerged from it in February 2009 with private equity firm Ripplewood Holdings and other lenders taking control.

The case is Hostess Brands Inc, Case No. 12-22052, U.S. Bankruptcy Court, Southern District of New York.

(Reporting by Kavyanjali Kaushik and Tanya Agrawal in Bangalore; Editing by Greg Mahlich and Gopakumar Warrier)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on KRAFT FOODS INC
05/21MONDELEZ INTERNATIONAL : Change in Directors or Principal Officers (form 8-K/A)
AQ
05/19LEADERS ON LEADERSHIP : I’m ready to take the first bullet, says Cadbury&r..
AQ
05/18MONDELEZ INTERNATIONAL : - Public-Private Partnerships Are Key to Addressing Chi..
AQ
05/17MONDELEZ INTERNATIONAL : Declares Regular Quarterly Dividend of $0.22 per Share
AQ
05/17MONDELEZ INTERNATIONAL : Roundtable proposes a unified, globalised approach to f..
AQ
05/17MONDELEZ INTERNATIONAL : Oreo parent Mondelez sweetens deal, but union isn't bit..
AQ
05/16MONDELEZ INTERNATIONAL, INC. : Submission of Matters to a Vote of Security Holde..
AQ
05/16Mondelēz International Declares Regular Quarterly Dividend of $0.22 per ..
GL
05/16MONDELEZ INTERNATIONAL : Dividends
CO
05/15Premier Foods says UK market proving resilient
RE
More news
Financials ($)
Sales 2018 26 719 M
EBIT 2018 4 517 M
Net income 2018 3 508 M
Debt 2018 16 723 M
Yield 2018 2,31%
P/E ratio 2018 16,60
P/E ratio 2019 15,20
EV / Sales 2018 2,81x
EV / Sales 2019 2,72x
Capitalization 58 295 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 49,0 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
Dirk van de Put Chairman & Chief Executive Officer
Brian T. Gladden Chief Financial Officer & Executive Vice President
Robin S. Hargrove Executive VP-Research, Development & Quality
Mark D. Ketchum Lead Independent Director
Lois D. Juliber Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
KRAFT FOODS INC58 295
NESTLÉ-8.19%240 797
THE KRAFT HEINZ COMPANY-26.97%70 785
MONDELEZ INTERNATIONAL-7.66%58 295
DANONE-7.25%51 531
ASSOCIATED BRITISH FOODS-2.48%29 114