Beleaguered Hostess Brands Inc. is headed to a highly-anticipated auction on Feb. 28, for its Wonder and other primary bread brands, with Flowers Foods Inc. in place as the lead bidder. Hostess is also headed to a March 13 auction for beloved Twinkies, with private equity firms Apollo Global Management LLC (NYSE: APO) and C. Dean Metropoulos & Co. in place as lead bidders. Auctions for Drakes, which makes the coffee cakes once featured on "Seinfeld," with McKee Foods Corp. as the lead bidder, and the secondary bread assets, with Mountain States Bakers LLC as lead bidder, will take place on March 15. It took several years and multiple bankruptcy cases for Hostess to reach a point where it would finally sell.

As Hostess gears up for the auctions, we take a look back on the company's bankruptcy case, and what led the legendary snack maker to the point where it had to split up an empire, sell businesses and wind down operations.

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