IRVING, TEXAS — Hostess Brands, Inc. has retained Gregory F. Rayburn of Kobi Partners L.L.C. as its chief restructuring officer (c.r.o.), subject to bankruptcy court approval. Mr. Rayburn will report to Brian Driscoll, president and chief executive officer, and will assist Mr. Driscoll in managing Hostess’ restructuring under Chapter 11.
Mr. Rayburn has more than 29 years of experience working with troubled businesses in their efforts to create and maximize value for all stakeholders.
“Greg is one of the nation’s most experienced and effective restructuring executives, and I look forward to working closely with him,” Mr. Driscoll said. “His hiring reflects our commitment to do all that we can to emerge from Chapter 11 as a robust competitor with a solid future.”
Mr. Rayburn has been c.r.o., c.e.o. and chief operating officer of several high-profile companies, including Indianapolis Downs, L.L.C.; New York City Off Track Betting Association; Magna Entertainment Corp.; AAIPharma Services and Sunterra Corp. He was c.r.o. for WorldCom during what was then the largest U.S. bankruptcy filing in history.
“I was attracted to Hostess because it has so much potential to grow and thrive again,” Mr. Rayburn said. “The company has some of the nation’s most beloved and recognized brands and a talented workforce, so there’s a great deal to build upon.”
Mr. Rayburn is a director of The Great Atlantic & Pacific Tea Co. and holds a bachelor’s degree in business and marketing and a master’s degree in accounting from the University of Alabama. He is a member of the American Institute of Certified Public Accountants.
Kobi Partners L.L.C. is a restructuring advisory services firm based in Winston-Salem, N.C.