Bankruptcy Judge Approves Hostess Liquidation

It’s official. Twinkies are toast, at least as far as being a Hostess product is concerned.

Hostess Brands Inc on Wednesday won permission from a U.S. bankruptcy judge to  begin shutting down, and expressed optimism it will find new homes for many of  its iconic brands, which include Twinkies, Drake’s cakes and Wonder Bread.

U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., authorized  current management, led by restructuring specialist Gregory Rayburn, to  immediately begin efforts to wind down the 82-year-old company, a process  expected to take one year.