Hostess and the unions representing its 8,500 workers are near an agreement on a proposal that would help the company stave off liquidation. The deal includes a 5% wage cut, as well as cuts to health care and pension contributions. The deal is expected to be presented to workers in the next month, and is expected to be a close vote.
See "Hostess and unions are near a deal", Josh Kosman, New York Post, August 9, 2012