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We'll get in private investors bake a probable 28.
We soon may find out as -- negotiates to sell off that big name brand trees joining us now for exclusive interview here both the CEO Greg Rayburn.
Thanks for being with us -- this Friday going to court on the first big part of all your selloff she got 360 million dollar deal for twenty plants to the flowers -- -- choral group that.
But you say another even bigger deal may be in the offing.
That's true flowers bakeries has has put us stalking horse bid in 360 million for -- major bread brands which would include Wonder Bread.
And they included in that are about twenty plants and some depot locations.
But I think that the interest on the -- side of the business which would be twinkies Ding -- -- has been astounding.
And we're going as fast as we can to get a stalking horse bid lined up for the -- brands.
And frankly I think it'll be significantly.
Higher higher in the 360 million which -- stocking horse bid what do you mean by that well if you're selling assets that a bankruptcy court everything's gonna go to an auction in front of the judge at some point.
What you like to do is line up a bidder for fair value that you feel is fair value.
Put that bid and and that's the target -- for anybody else that wants to come in and bid -- okay.
And rather than guys bidding to buy a different brands -- Suisse these bids are coming into wanna buy and hold -- to -- we're we're not we're not carving twinkies out of the mix or how close out the -- the -- business itself was about a billion dollar revenue business men and I think that that you know the interest level -- -- the what I hear from buyers.
On -- -- and this is strategic and and financial buyers is that.
If you really think about it if you can get a billion dollars of sales for iconic brands that have been built over eight decades.
And you can unlock -- them from the legacy pension and the legacy.
Union yes contract cost.
It's a once in a lifetime opportunity for that kind of purchase so indeed buyers could come in and once -- shorn of union pension cost and and union rules in which was requiring breads and -- to be just delivered on separate -- A -- -- -- and actually make a profit at the twinkie Ding -- business no question.
And you know you and I've been out together a lot we've drunk a lot of bucket together.
I think that that's worthy now on the -- -- gonna give us the scoop NTELOS who's the most likely buyer of the -- stuff I couldn't even tell you I -- I think honestly we have multiple parties that are are also moving as fast as they can to get and that stalking horse position.
And I can't handicap how many days from now but I think we're thinking -- -- not months before we get to that point.
But I can't handicapped who will be -- that debt holders put you into -- did -- -- it to fix this company are breaking apart -- and you say you may indeed recover every single penny of their almost a billion dollars in combined debt based on where the deals are heading now and and what I anticipate I'll be shocked if we don't recover.
A very big majority of the secure debt if not all of it and pitiful and any work -- business that's quite a feat to let the debt holders come out whole.
Where do his job we're we're excited about that again and of course those union jobs not coming back but thank you -- that's you know those will be up to the buyers OK thanks so much Greg Rayburn was posted some good luck to -- thank you -- -- your being here.
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