Ad Hoc Committee of Equity Holders Formed to Represent the Shareholders of Interstate Bakeries Corporation.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Retains Sonnenschein Nath & Rosenthal LLP LLP - Lower Layer Protocol and Houlihan Lokey Howard & Zukin as Advisors In Connection with the Interstate Bakeries Chapter 11 Case As widely reported, on September 22, 2004, Interstate Bakeries Corporation Interstate Bakeries Corporation (IBC) (Pink Sheets: IBCIQ) or Interstate Brands Corporation was the largest wholesale baker and distributor of fresh bakery products in the United States, and is the owner of the Hostess, Wonder Bread, Dolly Madison, Butternut Breads, and Drake's (NYSE NYSE See: New York Stock Exchange :IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention ) and certain subsidiaries and affiliates ("Interstate" or the "Company") filed for protection from its creditors under Chapter 11 in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Western District of Missouri. An Ad Hoc Committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished of Equity Holders (the "Committee") was formed within the past few days to represent the shareholders of Interstate. The Committee is comprised of seven institutional investors that reportedly hold in the aggregate approximately 30% of Company's shares outstanding. The Committee announced that it has retained Sonnenschein Nath & Rosenthal LLP ("Sonnenschein") as Counsel and Houlihan Lokey Howard & Zukin ("Houlihan Lokey") as Financial Advisor to the Committee, and intends to seek the appointment of an Official Committee of Equity Holders. Peter Wolfson, counsel to the Ad Hoc Committee, stated, "The members of the Committee look forward to playing a constructive role in Interstate's prompt and successful emergence from Chapter 11." Matthew Niemann of Houlihan Lokey commented, "We believe this is an unusual Bankruptcy case where shareholders' interests deserve to, and will, be protected and promoted. We look forward to assisting the Committee in this endeavor." Sonnenschein Nath & Rosenthal LLP, a leading law firm with 700 attorneys in nine U.S. offices and a global reach throughout Asia, Europe and Latin America, serves many of the world's largest and best-known businesses, nonprofit organizations and individuals. Founded in 1906, the firm is a leader in innovative legal services legal services n. the work performed by a lawyer for a client. , serving its clients through integrated, inter-office cooperation and teamwork among practice groups to provide efficient, effective, and timely legal services and business counseling. Houlihan Lokey Howard & Zukin, an international investment bank, provides a wide range of services, including mergers and acquisitions, financing, financial opinions and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , financial restructuring, and merchant banking. Houlihan Lokey has the largest financial restructuring practice of any investment bank in the country. In 2003, Houlihan Lokey ranked as the No. 1 M&A advisor for transactions under $200 million and the No. 4 advisor for transactions under $1 billion. The firm has been the No. 1 provider of fairness opinions for the past four years. Houlihan Lokey has over 600 employees in nine offices in the United States and the United Kingdom. Peter D. Wolfson Matthew R. Niemann Sonnenschein Nath & Rosenthal LLP Houlihan Lokey Howard & Zukin 1221 Avenue of the Americas 123 North Wacker Drive, 4th Floor New York, NY 10020 Chicago, IL 60606 212-768-6840 312-456-4770 212-768-6800 (fax) 312-346-0951 (fax) pwolfson@sonnenschein.com mniemann@hlhz.com |
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