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Interstate Bakeries Corporation. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit
99.2
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Contact:
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Sandra
Sternberg
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Maya
Pogoda
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Sitrick
And Company
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310-788-2850
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IBC
Requests Extension of Exclusivity
In
Talks With Investors to Obtain Plan Funding
Seeks
Modifications to Existing Collective Bargaining Agreements by September
30
Kansas
City, MO – September 13, 2007 -- Interstate Bakeries Corporation (IBC)
(OTC:IBCIQ.PK) today filed a motion with the U.S. Bankruptcy Court requesting
an
extension of its exclusive period in which to file a Plan of Reorganization
through January 15, 2008 and its exclusive period to solicit acceptances of
any
Plan of Reorganization through March 15, 2008. The current
exclusivity periods are scheduled to expire October 5, 2007 and December 5,
2007, respectively.
The
Company has contacted more than 50 potential investors and has received
significant interest to fund the Company's business plan that will provide
IBC
with sufficient liquidity to continue operations, position it for future success
and maximize value of the bankruptcy estates. There can be no
assurance, however, that the necessary financing to fund the plan will be
provided to the Company on acceptable terms or at all.
The
request to extend exclusivity is predicated on achieving agreements with the
Company’s two principal unions by September 30, 2007. In addition,
the indications of interest for the financing of the business plan that have
been received mandate that such agreements have been reached. The
proposed modifications to existing collective bargaining agreements call for
union alignment to a more capable and more cost-effective Path-to-Market,
specific health and welfare concessions, and increased work rule flexibility.
IBC’s two principal labor unions are the Bakery, Confectionery, Tobacco Workers
and Grain Millers International Union (BCTGM) and the International Brotherhood
of Teamsters (IBT). If such agreements are not reached, the Company, in the
same
motion, has alternatively asked the Court for interim approval of a 30-day
extension from the existing deadline to file a plan of reorganization and a
30-day extension from the existing deadline to sol
