Updated from 11:53 a.m. EDTInterstate Bakeries ( IBC) plunged 37% Wednesday after the Twinkie maker filed for Chapter 11 bankruptcy protection. Interstate received a $200 million debtor-in-possession financing commitment from J.P. Morgan Chase. Interstate will use the DIP financing to fund operating expenses as well as for supplier and employee obligations. Interstate will continue to operate its bakeries and distribution centers while it works on its financial restructuring. The company also hired turnaround experts Tony Alvarez and John Suckow. Alvarez will serve as CEO, and Suckow will serve as chief restructuring officer. Interstate said that liquidity issues, a high fixed-cost structure, excess capacity, rising health care and pension expenses and high material and energy costs
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