Teamsters Overwhelmingly Approve Agreement With IBC

(Washington, D.C.) –Teamster members from across the country voted to accept modifications of their agreements with Interstate Brands Corporation (IBC) by an overwhelming majority yesterday. The modification agreement, covering more than 9,000 workers, was the culmination of months of work by the union negotiating team to find an appropriate financial partner for IBC that was committed to bringing the Company out of bankruptcy and preserving good jobs.

“IBC Teamsters were faced with a difficult decision and they voted loud and clear to preserve good American jobs at Interstate Brands Corporation,” said Teamsters General President Jim Hoffa. “The newly ratified agreement paves the way for the company to exit bankruptcy as a stand-alone entity which is the best opportunity for our members to keep their jobs.”

Ripplewood Holdings and the Teamsters reached a tentative labor agreement in September that enabled Ripplewood to line up financing with Silver Point Capital and present IBC management and other stakeholders with a plan to bring IBC out of bankruptcy. The ratification of the labor agreements clears the way for IBC to exit bankruptcy as early as December 2008 and no later than February 2009.

“Our members knew this agreement was, by far, the best choice in order to provide IBC with a sound financial footing,” said Richard Volpe, Director of the Teamsters Bakery and Laundry Conference. “During negotiations our priority was to protect Teamster jobs, achieve value for our sacrifices and put the company in the best position to grow. We have confidence in Ripplewood Holdings and believe that we can work together with the new management team at IBC so that it may survive and rebuild.”

For at least the past 40 years, Teamsters have been delivering products from IBC bakeries across the country – products including Wonder Bread, Twinkies and others.

The International Brotherhood of Teamsters was founded in 1903 and represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.