Briefs

Posted Thursday, Jan. 31, 2013 0 comments  Print Reprints
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American again seeks

delay on restructuring

In a bankruptcy filing Thursday, AMR amended its request to the bankruptcy court to extend its deadline to file a reorganization plan.

Earlier this year, AMR asked the court to extend its exclusivity period until April 1 from its current deadline of March 11. On Thursday, the carrier said it now needs until April 15 to file its reorganization plan.

The judge had not yet ruled on its earlier request. The latest motion is also supported by the Unsecured Creditors Committee.

If it is approved by the court, it would be the fifth time that American has been granted an extension for submitting its restructuring plan. -- Andrea Ahles

Initial bids for Hostess

assets hit $858 million

Hostess Brands CEO Greg Rayburn said Thursday that initial or stalking-horse bids for assets of the bankrupt maker of Twinkies and Wonder bread now total $858 million, with about $100 million more for sale.

The $858 million amount is almost double officials' 2011 estimated value of $450 million mentioned at a Nov. 29 court hearing, but lower than a $1 billion value given by another financial adviser, Joshua Scherer of Perella Weinberg.

Scherer said interest from 110 potential buyers was "fast and furious." Irving-based Hostess previously announced lead bidders for the majority of its bread brands as well as its Drake's brand. Flowers Foods, McKee Foods and United States Bakery are the so-called stalking-horse bidders, setting the standards others will have to beat.

-- Bloomberg News

U.S. sues to stop merger

of two major breweries

WASHINGTON -- The Justice Department filed a lawsuit Thursday to stop Anheuser-Busch InBev's proposed $20.1 billion purchase of Mexican brewer Grupo Modelo, which would bring together the owners of popular beers like Budweiser and Corona.

The government said the deal could lead to higher beer prices here by substantially reducing competition in the U.S. beer market, particularly in 26 metropolitan areas. It said the merged firm would control nearly half the beer sales in the U.S. Belgian-based Anheuser-Busch InBev promised a court fight to preserve the deal.

--The Associated Press

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