After struggling with its unions and deciding to wind down its operations, bankrupt Hostess Brands Inc. has named Apollo Global Management (NYSE: APO) and C. Dean Metropoulos as the lead bidders for Hostess’ Twinkies and other cake assets. The baker had previously named Flowers Foods Inc. as the lead bidder for the Wonder bread and other primary bread assets, McKee Foods Corp. as the stalking-horse for the Drake’s assets, which includes the Coffee Cake brand, and Mountain States Bakers LLC as the stalking-horse for Hostess’ other bread assets. Brette Simon, a partner at Bryan Cave LLP who specializes in the food industry, says that whoever ends up winning the assets will need to focus on revitalizing the brands.

What makes Hostess’ assets desirable?

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