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Hostess Brands names CEO to work way out of bankruptcy

(Reuters) - Hostess Brands Inc named Gregory Rayburn as its new chief executive as the Twinkies and Wonder Bread maker works its way out of its second bankruptcy proceeding in less than three years.

Rayburn replaces Brian Driscoll, who resigned effective Friday.

The company, which filed for bankruptcy protection in January, has also been facing a possible strike by the Teamsters union.

As the new head of the company, Gregory Rayburn will oversee the Hostess' reorganization under Chapter 11 and the ongoing negotiations with its unions.

Rayburn, who was the chief restructuring officer in the WorldCom bankruptcy proceeding, is also a former director of The Great Atlantic & Pacific Tea Co .

Hostess filed for bankruptcy after it failed to reach an agreement with workers on pension and health benefits.

Hostess, formerly known as Interstate Bakeries Corp, had first filed for bankruptcy protection in 2004 in Missouri and emerged from it in February 2009.

Separately, Teamsters Union Vice President Ken Hall said they will continue to work with Hostess toward a resolution that will allow the company to emerge successfully from bankruptcy.

"The situation with Hostess has been and remains extremely challenging, but we are committed to finding a comprehensive fix to the company's challenges that works for our members," Hall said.

The case is in re:Hostess Brands Inc, Case No. 12-22052, U.S. Bankruptcy Court, Southern District of New York.

(Reporting by Arpita Mukherjee and Tanya Agrawal in Bangalore; Editing by Gopakumar Warrier)

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