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On Background: Who Buys Distressed Assets?
Against the Rules with Michael Lewis
The Problem With Interstate Bakeries
When he was at Interstate Bakeries, the company made $3 billion but lost $100 million in cash flow. It cost them so much to distribute their product and had a highly unionized workforce. The guys that eventually bought it basically did what had to be done, tore up all the union agreements. And then once everything was still, they took the brands, restarted it and made a huge profit.
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