Twinkies might be saved after all

Hostess and the bakers union have agreed to mediation, CNBC reports, which means that the maker of Twinkies, Ho Hos and Wonder Bread might not be shutting down - at least not immediately. During a hearing this morning, Bankruptcy Judge Robert Drain suggested that the two sides try to work out their differences through a third party. Of course, that doesn't mean they'll reach an agreement. From the WSJ:

Judge Drain acknowledged the company took a "significant economic hit" as a result of the strike but asked whether liquidation was the right path to take. "Moving to a liquidation is also a significant economic hit, and I think that many people, myself included, have serious questions as to the logic behind the decision to strike and a concern that it may be as a result of differences as far as information and goals," the judge said. Such differences "might be better worked out with a neutral third party in private as opposed to raising these issues in public."