After years of losses, it seemed Ubiquity subsidiary Jays Foods Inc., was poised to at least break even, and possibly even turn a modest profit.
In the first six months of this year, losses were cut 50 percent compared with the losses in the first half of 2006, Dunn said.
Then the 80-year-old company faced steep increases in commodity prices, such as corn oil, and, along with sister company Select Snacks Inc., went on the block and into bankruptcy.
Ubiquity reached out to another company, reportedly Pennsylvania-based pretzel maker Snyders of Hanover, to do a deal. Ubiquity sits on a hard offer of about $24.8 million.
"They were the strategic buyer we believe had the best chance to keep the business viable and save as many jobs as possible,"he said of the potential buyer, without naming Snyders. "They could eliminate costs and combine it with an existing business."
The bankruptcy process allows other bidders. About 30 entities have signed confidentiality agreements to obtain information to make bids. He said all -- except for the purchaser making the current offer -- were provided information at the same time.
