Several parties are bidding on the rights to keep the Hostess brand alive, Reuters reports.
The maker of Twinkies and Wonder bread announced its bankruptcy in November.
According to a media report released on Thursday, Wal-Mart Stores Inc. and Kroger Co. are among those bidding to acquire the defunct company. Spokespersons from Hostess, Wal-Mart and Kroger have declined to comment.
A Bloomberg report suggests that some bidders are interested in acquiring Hostess' assets, while others are interested in taking over its production of cakes and breads.
In November, Hostess received court permission to begin liquidating its assets in order to help pay more than $150 million in debt.
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According to Reuters, the 82-year-old company will begin entertaining bids in January, before the brands are put up auction.
David Pauker, an executive managing director and restructuring specialist with New York-based Goldin Associates LLC, told Reuters
in November that the Hostess brands will be highly coveted.
"The brands are valuable and will certainly be sold," he said.
"They will most likely be purchased by a competitor that will bolt the additional sales to a better and more efficient delivery system. The company itself won't survive."