Interstate Bakeries Corp in the 11th hour

Wed, 20 Aug 2008 03:28:02 GMT

Interstate Bakeries Corp a company led by hedge fund Monarch Alternative Capitol and JPMorgan is struggling to maintain the jobs of its 23,000 employees. Team Union is encouraging the secured creditors to work with investor Ripplewood Holdings to help the company emerge with its job force intact. Several Months ago the companies came to an agreement that was beneficial however in the final hour Ripplewood is wavering and leaving the lives of thousands of employees in the balance. Richard Volpe Director of Teamsters Bakery conference stated, We are holding out little hope that this proposal will be approved. These banks and hedge funds are once again going to disappoint all of the 23,000 employees of Interstate, just like they have disappointed the nation with the mortgage debacle. www.EmploymentCrossing.com

By chefcrossing

Tags : Bakeries, Corp, EmploymentCrossing, IBC, Interstate, JPMorgan, Richard, Volpe

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Interstate Bakeries Corp in the 11th hour