Federal Bankruptcy Judge Robert Drain approved the appointment of privately-held Hilco as the agent representing Hostess Brands, Inc. Hilco will sell all real estate, machinery and equipment, and rolling stock assets that remain in the company’s estate following the completion of bankruptcy court supervised auctions conducted by investment bank Perella Weinberg Partners. The auctions are expected to be completed this coming spring.
“This assignment carries with it great responsibilities. 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,” said Jeffrey B. Hecktman, chairman and CEO of Hilco, in a prepared statement.
Hecktman continued, “Hilco has managed multiple asset class sales of this nature in the past. Our strategy has been to use an integrated approach to value enhancement, made possible by leveraging the deep expertise and global reach of three Hilco business units that are core to the Hostess assignment: Hilco Real Estate LLC, Hilco Industrial, LLC and Hilco Streambank.” A fourth business unit, Hilco Asset Protection, LLC has also been hired to provide security services at bakery facilities across the country for the duration of the sale process.