Some Hostess products may be back on shelves soon. (AR McLin/Flickr)

As the Wall Street Journal reports, Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y. signed off on the company's plan to officially begin looking at buyers for its brands and factories. He also approved the setting aside of a $1.8 million bonus pool for managers working on the liquidation.

Judge Drain defended the bonus pool as "not a handout", saying it was justified as market-appropriate compensation for "difficult work." An attorney for Hostess also said that the company would not only be giving bonuses to senior management, but was planning on distributing money further down the organization chart to employees staying to help unwind the company.

Joshua Scherer, an investment banker hired by Hostess, was optimistic about getting deals done, saying there was an "unexpected" level interest in both the brands and factories, with serious buyers prepared to spend "substantial sums."

Scherer indicated Hostess has entered talks with over 100 potential buyers, including regional and national bakeries and other consumer food companies that "everyone here would recognize."

Read more of Neon Tommy's coverage of Hostess here.

Reach Executive Producer Matt Pressberg here.