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Hostess and bakery union agree to third-party talks

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    Trace Gallagher reports from Los Angeles

  • Duration 2:52
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-- might be with us for awhile after all the saga now on we're learning that the snack food giant hostess will not go out of business at least not today.

Because today hostess and its second largest union agreed to go and a third party talks that could prevent the loss of some 181000 -- -- that's the hope.

A judge urged these negotiations saying that the two sides need to speak face to face before the company can actually start shutting down.

Keep in mind the fate of hostess affects much more than just twinkies and Wonder -- You have king dawns and hobos and snow cones and the bread I mentioned and all the rest Trace Gallagher has more so what happened did you talk to break down against race.

Well -- the judge can only say that he gave it a good last -- beverage happened and experts say he would likely give -- the green light to sell off most of its assets -- all of its assets and there're at least four companies that have -- come forward saying they would like to -- our all of host is the biggest being.

-- Mexican bakery bakery called Grupo bimbo.

The world's largest maker by the way they elm brands like Sara Lee and -- -- and thomas' English muffins now the bakers union.

Has -- at least these -- that any new owner would hire the older employees but the CEO of hostess says.

First of all he doesn't think the Mexican bakery will buy hostess.

And -- he doesn't think anybody you'll -- the unions saying and I'm quoting here nobody wants to have anything to do with these old plants or these unions or these contracts in fact he says he believes the value and -- is no longer being tied.

To those union contracts -- and now the Teamsters are offering to help out here.

Yet because they know that their jobs are on the line here riding on these discussions remember the Teamsters are the ones that agreed to take the pay I -- the biggest union -- is.

It's the baker junior in that did not take the pay -- -- because of that.

The Teamsters came out criticizing them saying they were quote not being constructive well now.

The Teamsters are playing nice again releasing a statement saying and I'm quoting here.

This is not only about a brand or product it's also about real people they just want to work hard every day to provide for their families the Teamsters will assist in any way we can.

To help the two sides reach an agreement that keeps the company's doors open because remember there are 5000.

Acres in those negotiations.

181500.

Jobs are on the line.

-- race regardless of what happens to twinkies.

Reports of the demise.

Have caused a bit of a frenzy the famous -- and cakes have been flying off grocery store shelves since hostess announced plans to.

Close shop and stop making them.

Some people are now selling them on eBay and Craigslist listing them for.

Thousands of dollars in some cases.

It's unclear though if anybody's actually buying.

Of course the last forever.

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