New York Baking Company

I own 30,000 shares IBCIQ.PK. Interstate Brands Corporation is cake Hostess, Dolly Madison, Wonder, etc. ... They went bankrupt during 4 years. and is trading at 3 cents. , I found this article which means it can be a buy at $ 12.50 per share. I know it will not translate to 12.50 a share for shareholders, but it may help to bring to every $ 1. I am now if it withdraws to go to Google Finance, and enter IBCIQ.PK and is the first article I thank you. October 4, 2008 (The Kansas City Star - McClatchy-Tribune Information Services via COMTEX) - IBC | Quote | Chart | News | PowerRating - Interstate Bakeries Corp. received court approval Friday to arrange delivery of bread.
U.S. Bankruptcy Judge Jerry Venters gave the wholesale baking company permission to commit about $ 600 million in funding agreements that will allow Interstate to finally emerge from more than four years of bankruptcy. The arrangements will also give a new investment fund York a majority stake in the newly restructured company.

But by tacking the financial commitments, Interstate had to accept the smart card into something of its unsecured creditors, who had been expected to do nothing under the reorganization.

Ripplewood Holdings has agreed to invest $ 130 million in highway, consisting of $ 44.2 million in cash and 85.8 million in convertible bonds. In exchange, he will receive a 50 per cent in the reorganized company. It will also get warrants to acquire an additional 15 percent to the price of $ 12.50 per share.

In addition, Silver Point Capital LP and three other lenders who together hold $ 450 million, or 53 percent of the debt pre-petition secured LAC agreed to exchange for $ 147,300,000 in notes and 85 8 million dollars of debt. The debt is convertible into a stake of 33 percent in the new company.

Lenders have also agreed a loan of $ 339 million to help fund the highway exit from bankruptcy. That would supplement a loan of $ 125 million revolving from General Electric Credit Corp. to continue funding the highway once it emerges from bankruptcy court protection.

In exchange for the agreement to invest, Interstate would pay Ripplewood $ 6.5 million in fees and up to 6 million in expenses. The lenders on the loan would be $ 339 million to collect $ 16.5 million in fees. Approximately $ 3.2 million of these expenses will be due if the court approves the equity component of the funding agreement. A hearing on this matter is scheduled for October 22.

In its court filing, Interstate, which makes such iconic brands as Wonder Bread and Hostess Twinkies, described the funding agreement "a milestone" for the company and its 22,000 employees. Once the bread baker's largest wholesalers in the United States, he has closed more than a dozen bakeries and 10,000 jobs lost since falling into bankruptcy four years ago.

But to finally reach that turning Interstate decided Friday he would have to give if it expects to obtain.

Venters approved Came after Interstate and Ripplewood has developed a last-minute agreement with the unsecured creditors who are owed about $ 190 million.

The unsecured creditors tried to set up a roadblock in the funding agreement with a motion filed Monday. His lawyers opposed to "absolute Society cooking" the commitment to pay millions of dollars in Ripplewood, Ripplewood could then withdraw from the transaction if the financial situation has changed Interstate "materially".

IBC responded that the fees were appropriate and contended that "the opposition must be seen for what it is - an attempt to create leverage for a settlement that provides for some recovery to unsecured creditors."

And in this regard, the unsecured creditors' st.