Previous bankrupcies

This is not the first time Hostess's owner has faced bankruptcy -- in 2004, Interstate Bakeries filed for bankruptcy protection and replaced its leadership in 2004, blaming the nation's infatuation with low-carb diets. As part of its reorganization, Interstate Bakeries sold a local bakery unit called Chicago Butternut Bakery to an Indiana company as part of an effort to appease U.S. regulators and allow it to buy Continental Baking.