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Twinkies buyer says cakes may return by summer

CHICAGO, IL - DECEMBER 11: Hostess Twinkies are offered for sale at a Jewel-Osco grocery store on December 11, 2012 in Chicago, Illinois. The Jewel-Osco grocery store chain purchased the last shipment of 20,000 boxes of Hostess products and put them on sale in their stores throughout the Chicago area today. Hostess Brands Inc. shut down its baking operations and began liquidating assets last month after failing to negotiate a labor contract with Workers with the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (Photo by Scott Olson/Getty Images)
Scott Olson

NEW YORK Hostess is moving ahead with plans to sell its Twinkies, and one of the new owners says the spongy cream-filled snacks could be back on shelves by summer.

The bankrupt company had earlier picked a $410 million joint offer from Metropoulos & Co. and Apollo Global Management as the "stalking horse" bid to set the floor for an auction.

In a document filed in U.S. bankruptcy court on Monday, however, Hostess Brands said the auction would not be held because no other qualified bids were submitted for the cakes, which include Ding Dongs and Ho Hos.

In a statement, Metropoulos & Co. CEO and founder Dean Metropoulos said the firm was looking forward to having "America's favorite snacks back on the shelf by this summer."

A spokesman for Hostess said the company had no comment on the lack of competing bids for the snack cakes. Previously, Hostess CEO Greg Rayburn had predicted the process would be "wild and wooly."