Twinkies are up for bid

A bankruptcy judge approved lead bidders vying for Hostess' brands, including Twinkies and Wonder Bread.

Twinkies are going to auction.

Bloomberg reported Monday that Hostess has won court approval to auction off some of its brands, including Twinkies, Wonder Bread and Drake's.

U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., gave the OK to lead bidders Flower Foods, McKee Foods, United States Bakery, Apollo Global Management and C. Dean Metropoulos & Co. They will get to bid on most of Hostess' cake and bread brands.

The judge also set thresholds other bidders will need to exceed. The sale hearing to approve the highest and best bids is scheduled for March 19.

Related from MSN: Twinkies maker Hostess to go out of business

The Wall Street Journal reported Apollo Global Management and Metropoulos & Co. joined up to bid $410 million for most of Hostess’ cake business, as well as five bakeries and some equipment.

McKee Foods offered up a $27.5 million bid for the Drake's brand while United States Bakery bid $28.85 million for the bread brands, four bakeries, 14 depots and equipment.

Bloomberg reported that Flower Foods is offering $360 million for Hostess' Wonder, Butternut, Home Pride, Merita and Nature's Pride brands, as well as other assets.

Auctions will take place from late February to mid-March. Meanwhile, Hostess must also contend with retirement benefits for its former workers, Bloomberg reported. The news agency said Hostess retirees have a pre-bankruptcy claim of $10.5 million.

Hostess was founded in 1930, but has had to liquidate after failing to reach an agreement with its bakers.

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