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Hostess union hires investment bank

Published on NewsOK Modified: January 20, 2013 at 9:50 pm •  Published: January 20, 2013

Gordian President Peter Kaufman said his company will try to ensure that potential buyers hire former Hostess workers and honor Hostess' pension obligations.

"Given the sale process that is under way, we believe the bakers working with a buyer create the opportunity to increase value and are pivotal to the success of the business," Kaufman said in a statement. "Buyers should know that the Bakers are very interested in having direct discussions with them."

The Bakery and Confectionery Union and Industry International Pension Fund pays out $42 million in benefits per month to 52,000 pensioners, according to its website.

Hostess filed for bankruptcy protection in January 2012 after years of management turmoil and turnover. A bankruptcy judge approved its plan to liquidate its assets in November after it failed to reach a new contract agreement with the bakers' union.