Hostess Brands and one of its major unions agreed yesterday to a mediation session, in a last-ditch effort to avoid winding down the bankrupt maker of Twinkies and Wonder bread, the New York Times DealBook blog reported yesterday. The company and the union agreed to mediation at the behest of Bankruptcy Judge Robert D. Drain. The talks may also include representatives of the Teamsters union and the company’s lenders. Should the talks collapse, lawyers for Hostess will be back in court on Wednesday morning to seek approval of a close-out plan.
