Hostess and Bakers Union Agree to Mediation

By Scott Sarvay

November 19, 2012 Updated Nov 1, 2013 at 4:18 AM EDT

Houston (www.incnow.tv) - Breaking news on Monday, Hostess and the Bakers Union and agreed to mediation, preventing shut down.

Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., said attorneys representing Hostess and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union will participate in mediation Tuesday in a bid to avoid the loss of more than 18,000 jobs.

He will preside over a mediation session Tuesday afternoon. If it isn't successful, then Hostess will return to court Wednesday morning to seek to move forward with its liquidation.

The CEO of Hostess said at the close of last week that "maybe" there’ll be a buyer.

He and others with the company are headed to bankruptcy court, on Monday to liquidate the 82-year-old business.

The production of Wonder Bread, Twinkies, and other favorites stopped last week because striking workers refused to go back on the job.

On eBay some of the baked-goods are selling for hundreds and even thousands of dollars.

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