Hostess Twinkies: Company Filing for Bankruptcy

There's a good chance the iconic foods made by hostess will survive.
3:00 | 11/19/12

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Transcript for Hostess Twinkies: Company Filing for Bankruptcy
We're going to turn now to what may be the last thing for the twinkie. They're heading to bankruptcy, but there's a good chance that twinkies and the other iconic brands will survive. Abc's linsey davis has the story. Reporter: Mexican billionaire daniel ool didn't live like twinkie the kid. Howdy, partners! Reporter: But for millions of fans of this snack staple, this morning, he hopes the company will be riding a white horse to the rescue. A lot of people love these products and that still resonates. Reporter: Later today, hostess, the 82-year-old icon that makes twinkies, along with ding-dongs and wonder bread will fold. At this point, the only option is to wind down the business. Reporter: After the company announced friday it's shutting down, the broad fans emptied shelves. Everybody is grabbing hostess. Reporter: People were in such a panic, full boxes were listed for $3 million on ebay. I cannot face a world without twinkies. Reporter: Bun fanatic afraid of facing the end, even posted a do-it-yourself twinkie tutorial on youtube. Up until then, sales were drawling as moms swapped out healthier choices in lunch boxes. A bitter nationwide strike by factory workers ended in a stalemate last week. The hearing today will determine if the company is liquidated. Part of the reason that the mexican company could actually keep twinkies alive is because it can take advantage of lower-priced sugar in twinkie. Viva la twinkie! President clinton included it in the millennium time capsule, george. Now, we have an update on

This transcript has been automatically generated and may not be 100% accurate.

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