Interstate Bakeries Corp., the maker of Wonder Bread and Twinkies, said Monday that it had arranged $400 million in financing to fund a bankruptcy-exit plan that would cancel the company's stock. Company shares plunged 77%.
The money would be provided by Silver Point Finance and would be part of a funding plan sponsored by JPMorgan Chase & Co., McDonnell Investment Management, Quadrangle Master Fund Ltd. and Silver Point Capital, Interstate said.
