Hostess Brands, Inc. Wins Approval To Enter Into Dip Financing Agreement with Lending Group Led by Silver Point Finance, LLC

On January 11, 2011, Hostess Brands, Inc., one of the largest wholesale bakers and distributors of bread and snack cakes in the United States, which sells iconic products such as Twinkies and Wonder Bread, together with six of its affiliates, filed for Chapter 11 protection in the United States Bankruptcy Court in White Plains, New York. As part of the first day hearing, the Bankruptcy Court approved Hostess’s entry into a $75 million debtor-in-possession credit and guaranty agreement with a group of lenders led by Silver Point Finance, LLC as the administrative and collateral agent. Silver Point also serves as administrative and collateral agent for Hostess's first and third lien prepetition credit facilities.

The Paul, Weiss team representing Silver Point includes bankruptcy partners Brian S. Hermann and Alan W. Kornberg and counsel Diane Meyers; corporate partner Valerie E. Radwaner and counsel Stephen K. Koo; ERISA partner Robert C. Fleder and counsel Maureen A. Riley; tax partner David R. Sicular; and litigation partner Craig A. Benson.