Hostess Brands Inc. plans to submit an agreement next week to sell its Drake's cake business as part of its bankruptcy reorganization, Reuters reported on Friday. Heather Lennox, an attorney for Hostess, told a bankruptcy court that Hostess was also in advanced discussions with a number of parties for the remainder of its snack business, which includes Twinkies. Lennox also told the court that Hostess expects to file an agreement for the other brands in the near term. It was not immediately clear who the agreements would be with, but private equity firm C. Dean Metropoulos said earlier this week that it was working on a deal for some Hostess brands.
