U.S. Attorney Preet Bharara said that Hostess Brands Inc.'s planned sales of most of its bread business should not be approved as currently structured because the buyers would be improperly released from liabilities and obligations to comply with environmental laws, Bloomberg News reported yesterday. Bharara objected on Friday to agreements reached last week with Flowers Foods Inc., which is set to buy brands including Wonder for about $360 million, and Grupo Bimbo SAB, which plans to buy the Beefsteaks brand for about $31.9 million. Hostess, founded in 1930, is liquidating after failing to reach an agreement with striking bakers on concessions to help the company emerge from its second bankruptcy.
