New York, Oct. 1 - Bankrupt Twinkies maker Interstate Bakeries Corp Monday said it was unable to reach a settlement with the International Brotherhood of Teamsters union on contract modifications.
Interstate Bakeries, which also makes Wonder bread and Drake's cakes, reached a contract agreement with the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union Friday.
The company previously said that if it didn't reach agreements with both of its primary labor unions, it would seek an interim bankruptcy court approval for a 30-day extension to give it extra time to figure out how to maximize the value of its bankruptcy estates, including the sale of its assets.
Interstate Bakeries said it remains open to negotiations with the IBT and said there will be a hearing on the matter Wednesday.
If the the two sides are still unable to reach a deal, Interstate Bakeries said it will focus its efforts on alternative ways to maximize the value of its bankruptcy estates.
The company's shares, which trade over the counter, rose 6 cents to 50 cents a share in early trading.