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In re Old HB, Inc. (f/k/a Hostess Brands, Inc.), Case No. 12-22052 (RDD) Jointly Administered
United States Bankruptcy Court, Southern District of New York (http://www.nysb.uscourts.gov)
September 28, 2015 ---- Old HB, Inc. ("Old HB") and certain affiliated debtors, each as a debtor and debtor in possession (collectively, with Old HB, the "Debtors") have entered into an asset purchase agreement (including all exhibits, schedules and ancillary agreements related thereto, the "Purchase Agreement") with Ostess, LLC and Ostess Services LLC (the “Purchasers”). The Purchase Agreement contemplates a set of related transactions (collectively, the "Sale Transaction") for the transfer of all of the Debtors’ remaining cash and the sale and transfer to the Purchasers, free and clear of liens, claims, interests and encumbrances of all of the Debtors’ assets of any kind or nature, other than certain limited excluded assets. After the closing of the Sale Transaction and the completion of certain other tasks, the Debtors will seek to dismiss their chapter 11 cases and dissolve their corporate existence.
Click here for links to the Debtors' motion to sell their assets, their motion to dismiss their chapter 11 cases and the Debtors' notice of these motions, which contains important information regarding creditors' rights to object to the motions.
Important Notice Regarding Payment of Claims (dated as of October 4, 2013): Please be advised of the following: The Debtors initiated their bankruptcy cases with the intent to rapidly negotiate and resolve their various union labor agreements while simultaneously rationalizing their capital structure. In support of these efforts, the Debtors negotiated with their unions and filed a plan of reorganization that proposed a revised capital structure for the Debtors if union agreements could be achieved. However, as a result of strikes initiated or honored by many of the Debtors' unionized employees in early November 2012, the Debtors were forced to shutdown their business operations and thereafter initiated a sale process for the Debtors' assets. Under bankruptcy law, with certain limited exceptions, creditors with secured claims (i.e., those creditors having mortgages upon the Debtors' real property or security interests in the Debtors' other property) must be paid in full before the Debtors are permitted to make distributions to other creditors (one exception to this rule is for those parties that are presently assisting with the winddown of the Debtors' bankruptcy cases). At this time, the Debtors have sold the majority of their assets in a series of transactions.
Based upon the proceeds received, it has unfortunately become apparent that the Debtors are unlikely to be able to pay their secured creditors in full, and thus are unlikely to have sufficient funds to pay other creditors. Accordingly, holders of all unsecured claims, whether such claims are administrative claims, priority claims or general unsecured claims, and specifically including former employees with unpaid severance and vacation claims, should not currently expect a distribution from the Debtors' estates on account of any claims they may hold. This is true whether or not proof of claim forms were filed or whether or not the claims have been allowed by bankruptcy court order. The bankruptcy court has been apprised of this situation.
On January 11, 2012, each of the Debtors listed below filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The six cases were assigned the case numbers listed below (collectively, the "Bankruptcy Cases") and are jointly administered under Case No. 12-22052. The Bankruptcy Cases are pending before the Honorable Robert D. Drain in the United States Bankruptcy Court for the Southern District of New York.
Debtor Case Number
IBC Sales Corporation
Old HB, Inc. (f/k/a Hostess Brands, Inc.)
IBC Trucking, LLC
IBC Services, LLC
Interstate Brands Corporation
MCF Legacy, Inc.
Pursuant to the Bankruptcy Code (specifically including, but not limited to, 11 U.S.C. § 362), a debtor is afforded certain protection against its creditors; the Bankruptcy Code prohibits creditors from taking certain actions related to debts that may have been owing prior to the commencement of the Bankruptcy Cases. If you believe that you might be a creditor of the Debtor(s) based upon debts arising prior to January 11, 2012 and you are considering taking action based upon your status as a creditor, you may wish to seek legal advice. The staff of the Clerk of the Bankruptcy Court and the staff of Kurtzman Carson Consultants LLC are not permitted to give legal advice.
The meeting of creditors pursuant to section 341 of the Bankruptcy Code (the "Meeting of Creditors") was held on Tuesday, February 28, 2012 at 2:30 p.m. (ET) at the following location:
Office of the United States Trustee
80 Broad Street
New York, NY 10004
Rule 9001(5) of the Federal Rules of Bankruptcy Procedure requires that a representative of the Debtors appear at the Meeting of Creditors for the purpose of being examined under oath by a representative of the Office of the United States Trustee and by any interested parties that attend the meeting. Creditors are welcome, but not required, to attend the meeting. The Meeting of Creditors may be continued or adjourned by notice at the meeting, without further written notice to creditors.
United States Bankruptcy Court
Southern District of New York
White Plains Division
300 Quarropas St
White Plains, NY 10601-4140
T: (914) 390-4060 http://www.nysb.uscourts.gov
Old HB Claims Processing Center
c/o Kurtzman Carson Consultants LLC
2335 Alaska Ave
El Segundo, CA 90245
Please file proof(s) of claim, if any, via US Mail or other hand delivery system. Facsimile and other electronic delivery methods are not acceptable. You must file an originally executed proof of claim. If you would like a copy of your claim returned to you as proof of receipt, please enclose an additional copy and a self-addressed postage-paid envelope.
Corinne Ball, Esq.
Heather Lennox, Esq.
Lisa Laukitis, Esq.
Veerle Roovers, Esq.
222 East 41st Street
New York, NY 10017
T: (212) 326-3939
F: (212) 755-7306 http://www.jonesday.com
Ryan T Routh, Esq.
901 Lakeside Avenue
Cleveland, OH 44114
T: (216) 586-3939
F: (216) 579-0212 http://www.jonesday.com
U.S. Department of Justice
US Federal Office Bldg
201 Varick St Rm 1006
New York, NY 10014
T: (212) 510-0500
F: (212) 668-2255 http://www.justice.gov/ust/r02/
Thomas Moers Mayer
P. Bradley O'Neill
Joshua K. Brody
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
F: 212-715-8000 http://www.kramerlevin.com
Kurtzman Carson Consultants LLC ("KCC”) maintains this website at the direction of Jones Day, counsel to the Debtors. KCC maintains this website for the public's convenience and, while KCC makes every attempt to ensure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Court are available for inspection at the Clerk of the Bankruptcy Court for the Southern District of New York.