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."