This is their 2nd bankruptcy since 2004, and Hostess tried unsuccessfully
to find a buyer. I don't know if they'll make it out of this one, owing
over a billion dollars to creditors.
And...the first thought that came to my Entrepreneur wired brain was: "I should stock up on Twinkies, Ho Hos, and Ding Dongs, and sell them on eBay and Amazon after they go out of business".
Below is a good article on the history of Hostess.
Hostess Bankruptcy: How Twinkie Became an American Legend | News - Advertising Age