Twilight of the Twinkies: Hostess Hires Hilco to Help Sell Assets

    CHICAGO – Hostess Brands Inc., the bankrupt maker of Twinkies, has received court permission to hire Hilco to help sell off  real estate and other assets.

   Federal Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York on Tuesday approved the move to let the IL-based company act as agent for Hostess, which is in liquidation after filing for bankruptcy last year.    Hostess was the maker of such iconic brands as Wonder Bread, Dolly Madison Ice Cream, and Sno Balls and owned and operated bakeries around the country.    After court-supervised auctions are held by investment bank Perella Weinberg Partners, Hilco will sell the remaining real estate, machinery and equipment. The auctions are expected to finish up in the Spring. Hilco will also assist Perella Weinberg in the sale of any remaining intellectual property.    Three units of the privately owned company, Hilco Real Estate LLC, Hilco Industrial LLC and Hilco Streambank, will be involved in the sale.  Hilco Asset Protection LLC was also hired to provide security at bakery facilities during the sale process.    “This assignment carries with it great responsibilities,”‘ Jeffrey B. Hecktman, Hilco Chairman and CEO, says in a press release. “As the liquidating agent representing Hostess Brands, I am confident that Hilco will succeed in generating maximum value for the benefit of company’s creditors.”