Collective bargaining agreement

Collective Bargaining Agreement

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INTERSTATE BAKERIES CORP

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Title: Collective bargaining agreement
Date: 10/1/2007
Industry: FODMFG Sector: Consumer/Non-Cyclical

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exh99-2.htm

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.

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