I didn't follow it until the very recent news. I thought there was at least one prior bankruptcy or LBO. So the debt may have (and probably did) originated in an earlier entity.
Hostess filed for Chapter 11 bankruptcy protection in September 2004, and in January 2012, It filed for its second Chapter 11 bankruptcy:
Hostess Brands, formerly known as Interstate Bakeries Corporation, is a leading wholesale baker with headquarters in Irving, Texas. It has 39 bakeries and approximately 21,000 employees. Hostess generates revenue through sales of baked goods to supermarkets, mass marketers, and convenience stores in the US. The privately-held bread and snack food manufacturer also sells directly to consumers through Hostess Breands retail bakery outlets. The company’s brands include Twinkies, Wonder, Home Pride, Hostess Fruit Pies, and Ho-Hos. Founded in 1930 by Ralph L. Nafziger, Hostess Brands has headquarters in Irving, Texas. Hostess filed for Chapter 11 bankruptcy protection in September 2004 and emerged as a private company in February 2009. In January 2012, It filed for its second Chapter 11 bankruptcy. The privately-held packaged goods confectioner was burdened with 372 union agreements following its post-2004 bankruptcy restructuring led by Ripplewood Holdings, which led to Hostess' second bankruptcy filing. As of January 2012, 83% of Hostess' 19,000 employees were unionized. As the result of an national strike imposed by the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) in November 2012, Hostess filed for Chapter 7 in bankruptcy court on November 16, 2012.
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