Snack-maker Hostess Brands Inc. won approval of asset sales totaling more than $800 million, Bloomberg News reported yesterday. Bankruptcy Judge Robert Drain yesterday approved sales to Flowers Foods Inc., Grupo Bimbo SAB, Apollo Global Management LLC and C. Dean Metropoulos & Co. for most of Hostess's cake and bread brands. Before the sales were approved, lawyers for buyers expressed concern about possible liability after they acquire the properties. Judge Drain suggested "wordsmithing" the sale agreements slightly to protect the buyers. Hostess was given extra time by Judge Drain to file a bankruptcy plan after arguing it still has significant assets to sell that may yield more than $100 million to help pay creditors. Hilco Trading LLC was hired last year with court permission to sell real estate, leases, machinery, equipment and intellectual property not part of going-concern sales.
