Tagged: Bankruptcy

"Twinkies Saved! Hostess, Bakers Union Agree to Mediation, Avoiding Shutdown."

That's the "alert" this hour at CNBC.com.

Reuters has issued this "bulletin":

"US BANKRUPTCY JUDGE SAYS PARTIES AGREE TO MEDIATION ON TUESDAY IN HOSTESS CASE."

And according to The Associated Press:

Transcript

RENEE MONTAGNE, HOST:

And our last word in business: Twinkie rush.

Hostess Brands today begins the process of selling off its assets in a bankruptcy court in New York. That process has struck fear in the hearts of lovers of the sugary-sweet Hostess products, like Twinkies, Ding Dongs and Ho Hos. Sensing a Twinkie panic and a possible shortage, over the weekend some entrepreneurs took to eBay, offering up many Hostess brands at some very exorbitant prices.

LINDA WERTHEIMER, HOST:

Harrisburg, Pa., leads the nation in a dubious distinction: It has the most debt per capita of any U.S. city. The town's 50,000 citizens are on the hook for $1.5 billion.

The bizarre tale behind the massive debt includes a do-gooder who skipped town, an epically mismanaged incinerator, and possible criminal behavior.

The city of Harrisburg, Pa owes over $1.5 billion. David Unkovic, the city's former receiver, tried to save the broke city, but his plan just led to political trouble.