Time finally ran out for Hostess Brands on Wednesday, as a bankruptcy judge gave preliminary approval for the company to shut down after 82 years in business.

A last-ditch attempt to mediate a pay-and-benefits dispute between the company and its Bakery Workers union failed.

The decision by Judge Robert Drain sets the stage for the company to start selling its assets — including its bakeries, brands and recipes.

“Sadly, the parties were not able to come to an agreement,” said Drain. “It’s a free country. People are free not to agree.”

Hostess, maker of such beloved products as Twinkies, Wonder Bread and Drake’s snacks, announced Tuesday night the mediation efforts had failed to produce a deal.

About 15,000 of the company’s current 18,500 employees will likely be terminated in the coming days. The company said in court it needs about 3,200 employees to stay on for various periods of time to wind down the company.

The company’s operations have been closed since last Friday. Hostess’ CEO and attorneys previously said that reaching a deal to restart the company’s network of 33 bakeries and 565 distribution centers would be difficult due to the financial damage done by the strike that started Nov. 9.

But Hostess’ investment bankers testified that there have been dozens of inquiries about a possible purchase of various brands and even some facilities. Joshua Scherer, of Perella Weinberg, told the court that some of the interested parties had inquired about hiring back some workers.

“It’s a once in a lifetime opportunity for [Hostess’] competitors,” he testified.

Hostess closing gets OK from judge – Nov. 21, 2012

The fat lady — the one who apparently ate too many 150-calorie, nutrition-free Twinkies — has sung.

But hey, we pretty much warned you in July to start hoarding Twinkies.  That’s what it seemed like, as Hostess Brands — the owner of such lunchbox snacks as Ding Dongs and Ho Hos, as well as Wonder Bread and the iconic “Golden Sponge Cake with Creamy Filling” — struggled to emerge from its second bankruptcy in a decade.  Now it has happened:  Hostess announced early this morning that it would “promptly” liquidate the company immediately and lay off its nearly 19,000 workers.

The trigger was a strike this month by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union.  “We deeply regret the necessity of today’s decision,” Hostess said in a statement, “but we don’t have the financial resources to weather an extended nationwide strike.”  Instead, CEO Greg Rayburn said the company — which has about $2 billion in annual revenue and nearly $1 billion in debt — would move forward in bankruptcy court to start “selling its assets to the highest bidders.”  Rayburn acknowledged “there’s no way to soften the fact that this will hurt every Hostess Brands employee,” but “unfortunately, because we are in bankruptcy, there are severe limits on the assistance the company can offer you.”

The end of Hostess – Fortune Management

The nation’s diabetes problem is getting worse, and the biggest jump over 15 years was in Oklahoma, according to a new federal report issued Thursday.

The diabetes rate in Oklahoma more than tripled, and Kentucky, Georgia and Alabama also saw dramatic increases since 1995, the study showed.

The South’s growing weight problem is the main explanation, said Linda Geiss, lead author of the report by the Centers for Disease Control and Prevention study.

“The rise in diabetes has really gone hand in hand with the rise in obesity,” she said.

Bolstering the numbers is the fact that more people with diabetes are living longer because better treatments are available.

The disease exploded in the United States in the last 50 years, with the vast majority from obesity-related Type 2 diabetes. In 1958, fewer than 1 in 100 Americans had been diagnosed with diabetes. In 2010, it was about 1 in 14.

Most of the increase has happened since 1990.

Diabetes Rates Rocket in Oklahoma, South

Time for Chicago’s vending machines to chip up or chip out.

Mayor Rahm Emanuel said Wednesday he’s cracking down on the caloric content of vending machines in city buildings and plans to replace them all with healthy vending by next year.

A proposed ordinance, to be introduced this week, will lay out plans for the new machines and detail guidelines on fat, sugar and calorie content starting in January 2013.

“These new vending machines will make it easier than ever before for city employees and the public to make healthy lifestyle decisions,” Emanuel said. “When city employees take their wellness into their own hands, we can reduce health care costs and also serve as a model for the residents of Chicago when it comes to making healthy choices.”

Emanuel’s guidelines dictate that only 25 percent of the new machines’ cold beverages can be “high calorie,” or contain 25 calories or more per eight ounces. All hot drinks must not be high-calorie, and all vended drinks must be limited to 12 ounces.

According to the plan, at least 75 percent of food offerings should contain 250 calories or less and at least five items should contain 250mg or less of sodium per serving. A gluten- and nut-free option also must be provided.

Oh, and healthier foods can’t be pricier than their higher-calorie counterparts.

Rahm Cracks Down on Chicago Vending Machines | NBC Chicago

What if you could eat a plate of French fries, loaded with calories, and not absorb the fat because of what you’re drinking.

“Yes, I want it,” exclaimed one woman in Market Square.

Well, that’s exactly what PepsiCo is selling in Japan; and, so far, only in Japan.

“I definitely need it as I get older,” one man told KDKA money editor Jon Delano.

“I think it’s a great idea, but I’m a little concerned about what they’re going to put in it.”

What’s in it is obviously important.

Unlike the Pepsi bought in the USA, the Japanese will be able to buy something called Pepsi Special.

It contains an additive called Dextrin, a fat-blocking fiber that is supposed to keep the body from absorbing fat and lower cholesterol levels. That’s a claim that the Food & Drug Administration has not yet bought.

But if it does, as a marketing tool, a Pepsi drink that blocks fat could be a winner.

“If you read some of the product claims, there’s one thing I saw that says you’ll be able to eat a piece of chocolate cake and it won’t be absorbed,” says Point Park University business professor Elaine Luther.

Pepsi Special Sold In Japan Claims To Block Fat « CBS Pittsburgh