Hostess Gets Approval to Auction Twinkies, Drake’s Brands

Hostess Brands Inc. won bankruptcy court approval to hold auctions for brands including Wonder Bread, Twinkies and Drake’s.

U.S. Bankruptcy Judge Robert Drain in White Plains, New York, today approved Flowers Foods Inc., McKee Foods Corp., United States Bakery Inc., Apollo Global Management LLC and C. Dean Metropoulos & Co. as so-called stalking-horse, or lead, bidders for most of Hostess’s cake and bread brands, setting the thresholds other suitors will have to exceed. A sale hearing, to approve the highest and best bids, is set for March 19.