IBC: Teamsters are looking for a new investor

Kansas City / MO. (wib) The International Brotherhood of Teamsters is taking a second shot at bringing in an investor for bankrupt Interstate Bakeries Corporation (IBC). Union spokesman Rich Volpe told The Kansas City Star that the Teamsters had reached an agreement with Ripplewood Holdings LLC, a New York-based hedge fund. The deal includes collective bargaining agreements covering the 10.000 Teamster members working for Interstate Bakeries. Volpe says the fund is now talking with Silver Point Finance, a business that has already agreed to provide the maker of Hostess Twinkies and Wonder Bread with 400 million USD in after-bankruptcy financing. Creditors for Kansas City-based Interstate Bakeries are currently voting on a reorganization plan that hinges on the company reaching a number of concessions with the Teamsters.