Hostess and union agree to mediation

Hostess Brands and the union that represents its striking workers have agreed to go into mediation in an attempt to avert liquidation of the company:

The company and the union agreed to mediation at the behest of the federal judge overseeing Hostess' Chapter 11 case, Robert Drain of the southern district of New York. Should the talks collapse, the company will be back in court to seek approval of a close-out plan on Wednesday morning.

For now, Twinkies have another shot at staying alive. (In the long term, Twinkies and other top Hostess brands were always going to come back from the dead after being sold off to other companies.)