November 7, 2007

(Washington, D.C.) – Today, the Yucaipa Companies achieved what Interstate Bakeries had blocked for months—access to Interstate’s accounting records. 

“Now our partners, Yucaipa and New Bakery Inc., an affiliate of Bimbo Bakeries, can begin the process of analyzing the financial records of Interstate so that they may have a truly complete picture of Interstate’s health,” said Richard Volpe, Director of the Teamsters Bakery Conference. “For months prior, we have asked IBC to allow access to investment firms but they kept holding us at bay. Now, our partners will have a nuts and bolts understanding of IBC.”

In order for the Yucaipa and New Bakery, Inc. to make a solid offer for Interstate, they needed to have access to all of the financial records of IBC. Today, IBC agreed to open up the process for Yucaipa and New Bakery and they are reducing some of the prior confidentiality restrictions so that the parties can speak freely.

“We are encouraged by IBC’s new attitude as it will facilitate obtaining new bids from other interested investment parties,” Volpe said. “Our partnership with New Bakery, Inc. and Yucaipa offers the greatest opportunity for stability and strategic planning for Interstate. We are pleased that our partners will be given the access to the IBC financial data they require.”

More than 9,500 IBC employees are represented by the Teamsters Union. Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico.