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Court approves sale of last of core Hostess assets

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Hostess Brands Inc. won approval Tuesday to sell off the last of its major cake and bread brands, bringing the total proceeds from its liquidation to about $860 million. A U.S. Bankruptcy Court judge in New York approved the two deals, said Hostess spokeswoman Anita-Marie Laurie. McKee Foods Corp., the maker of Little Debbie snack cakes, is buying the Drake's business for $27.5 million,...