Hostess Brands, Inc. announced today that, subject to Court approval, it has retained Gregory F. Rayburn of Kobi Partners LLC as its Chief Restructuring Officer (CRO).
Mr. Rayburn will report to Hostess President and CEO Brian Driscoll and will assist Mr. Driscoll in managing the Company’s restructuring under Chapter 11. Mr. Rayburn has more than 29 years of experience working with troubled businesses in their efforts to create and maximize value for all stakeholders.
“Greg is one of the nation’s most experienced and effective restructuring executives, and I look forward to working closely with him,” Mr. Driscoll said. “His hiring reflects our commitment to do all that we can to emerge from Chapter 11 as a robust competitor with a solid future.”
Mr. Rayburn has served as CRO, CEO or COO of several high-profile companies, including Indianapolis Downs, LLC; New York City Off Track Betting Assn.; Magna Entertainment Corp.; AAIPharma Services and Sunterra Corp. He served as CRO for WorldCom during what was then the largest U.S. bankruptcy filing in history.
“I was attracted to Hostess because it has so much potential to grow and thrive again,” Mr. Rayburn said. “The Company has some of the nation’s most beloved and recognized brands and a talented workforce, so there’s a great deal to build upon.”
Mr. Rayburn is a director of The Great Atlantic & Pacific Tea Co. and holds an M.A. in accounting and a B.S. in business and marketing from the University of Alabama. He is a member of the American Institute of Certified Public Accountants and serves as an expert witness in federal and state courts on issues including business viability, valuation, strategic plan assessment, fraud, damages and bankruptcy reorganizations.
Kobi Partners LLC is a restructuring advisory services firm based in Winston-Salem, N.C.
About Hostess Brands
Founded in 1930 and based in Irving, Texas, the Company’s products include iconic brands such as Butternut®, Ding Dongs®, Dolly Madison®, Drake's®, Home Pride®, Ho Hos®, Hostess®, Merita®, Nature's Pride®, Twinkies® and Wonder®. Hostess Brands has approximately 19,000 employees and operates 36 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores throughout the United States. The Company and its five subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on Jan. 11, 2012.