$1.1M in monthly retiree benefits will not be paid by Hostess during the company’s liquidation process according to an attorney for the company.
$1.5M was collected by Hostess CEO Gregory Rayburn during fiscal 2012 — an average monthly salary of $125,000 — before bonuses or other incentives.
$1.8M has been set aside for the incentive bonuses of 19 Hostess executives, bonuses which the company argues are needed to retain the corporate officers and other high-level managers. Maybe it’s just us, but does this sound like, “Let us pay ourselves another $2 million, or we’ll quit too!” to anybody else?source
50+companies have signed non-disclosure agreements in order to open discussions with Hostess about the possibility of purchasing one or more of the snack maker’s most famous brands. While the company’s chances are looking increasingly grim, it doesn’t look like the closing of Hostess will be the end of many people’s favorite snacks. The company has also reportedly received several buy-out offers, though none were actionable according to Hostess. source
