Last of Hostess assets sold
Aug. 28, 2013
by Eric Schroeder
WHITE PLAINS, N.Y. — Judge Robert D. Drain of the U.S. Bankruptcy Court Southern District of New York on Aug. 21 approved the sale of the remaining assets of Hostess Brands, Inc. (Old HB, Inc.) to Hackman Capital Acquisition Company, L.L.C. for $62.5 million. The transaction includes certain real estate, machinery, equipment and fleet assets located in 34 states that were not sold after the company ceased operations in November 2012.
Los Angeles-based Hackman Capital Acquisition in mid-July emerged from approximately 400 parties as the stalking-horse bidder for the assets at the Aug. 16 auction. Although the highest and best bids from parties other than Hackman, when combined, totaled approximately $60.2 million in aggregate consideration, Hackman’s bid of $58.3 million in cash with no due diligence was considered the best bid, according to court documents. Hackman subsequently raised its bid to $62.5 million for the assets.