Collective bargaining agreementCollective Bargaining Agreement |
|
|
|
You are currently viewing: This Collective Bargaining Agreement involves
INTERSTATE BAKERIES CORP. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Collective Bargaining Agreement by:
Exhibit
99.2
|
Contact:
|
Sandra
Sternberg
|
|
|
Maya
Pogoda
|
||
|
Sitrick
And Company
|
||
|
310-788-2850
|
IBC
Updates Discussions with Unions
Kansas
City, Missouri – October 1, 2007 -- Interstate Bakeries Corporation
(IBC) (OTC:IBCIQ.PK) said today that it has not been able to reach a mutually
acceptable agreement with the International Brotherhood of Teamsters (IBT)
on
modifications to its collective bargaining agreements necessary to allow a
more
capable and cost-effective path-to-market, specific health and welfare
concessions, and increased work rule flexibility.
IBC
announced on September 28, 2007, that it reached an agreement with the Bakery,
Confectionery, Tobacco Workers and Grain Millers International Union, and that
it believed the ratification process was under way.
The
Company previously stated that if agreements with its two principal labor unions
were not reached by September 30, it would seek interim Bankruptcy Court
approval for a 30-day extension from existing exclusivity deadlines to allow
sufficient time to formulate a plan to maximize the value of the bankruptcy
estates, including a sale of the Company and/or its assets in its entirety
or in
a series of transactions. A hearing on the matter is scheduled for
October 3.
Today,
the Company said that until the hearing on October 3 it remains open to
constructive discussions with the IBT.
The
Company also said that it is continuing discussions with prospective investors
to secure the financial resources required to successfully emerge from
bankruptcy and implement its business plan, but that all financing proposals
the
Company has received to date require union alignment to the Company’s business
plan.
If
union and financing arrangements are not achieved by October 3, however, the
Company will pursue Court approval of the extension and focus efforts on
alternative plans to maximize the value of the bankruptcy estates.
About
the Company






