It's official. Twinkies are toast, at least as far as being a Hostess product is concerned.

Hostess Brands Inc on Wednesday won permission from a U.S. bankruptcy judge to begin shutting down, and expressed optimism it will find new homes for many of its iconic brands, which include Twinkies, Drake's cakes and Wonder Bread.

U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., authorized current management, led by restructuring specialist Gregory Rayburn, to immediately begin efforts to wind down the 82-year-old company, a process expected to take one year.

"It appears clear to me that the debtors have taken the right course in seeking to implement the wind-down plan as promptly as possible," Drain said near the end of a four-hour hearing.

The judge authorized Hostess to begin the liquidation process one day after his last-ditch mediation effort between the Irving, Texas-based company and its striking bakers' union broke down.

Hostess CEO Gregory Rayburn testified at a bankruptcy hearing Wednesday that he will have to terminate 15,000 employees immediately. Most of the remaining 3,200 workers are expected to be let go within four months. 

"This is a tragedy, and we're well aware of it," Heather Lennox, a lawyer for Hostess, told the judge. "We are trying to be as sensitive as we can possibly be under the circumstances to the human cost of this." 

The union, the Bakery, Confectionery, Tobacco and Grain Millers Union, has complained it should not be forced into new wage and benefit cuts, on top of earlier give-backs, while top executives rewarded themselves with higher pay, and that it was "well aware" of the potential consequences of that stance.

The union said in a court filing that its sole objective was to leave Hostess with "a real, rather than an illusory or theoretical, likelihood of establishing a stable business with secure jobs."

Union president Frank Hurt was not immediately available for comment. 

"This is truly a sad day for thousands of families affected by the closing of this company," said Teamsters General Secretary-Treasurer Ken Hall in a statement. "I want to assure our members that despite this outcome, they do not stand alone and their union will continue to work on their behalf to help them find new employment."

About 6,700 Hostess workers are members of Teamsters.

Related story: Twinkies are king of the Nile, despite US woes

After the company's announcement last week that it would need to liquidate after claiming that a strike by workers crippled its business, consumers cleared store shelves of Hostess products, especially Twinkies, out of fear they would never taste the spongy, yellow cakes again.

There could be a silver lining in this Twinkie tale. Hostess bankers testified to a "flood" of inquiries into buying Hostess brand names from other food makers, from stores and supermarkets, including Wal-Mart, and from investment interests.

According to testimony by a Hostess Brands adviser, many of the interested buyers have asked if they could keep some of the workers employed in the factories.

Speaking to reporters outside the courthouse, Rayburn said he was disappointed that the mediation failed and that he plans to move "extremely fast" to sell Hostess' assets. Asked which bidders may fare best, he said: "The one that pays the most."

Information from the Associated Press and Reuters was included in this report.

Bret Hartman / REUTERS

A box of Hostess Twinkies is seen on the shelves at a Wonder Bread Hostess Bakery Outlet on Friday in Glendale, Calif.

Hostess Brands said Tuesday night that it failed to reach a deal in mediation with the Bakery, Confectionary, Tobacco and Grain Millers Union.

The bankrupt maker of Twinkies and Ding Dongs said it will have no further comment until a hearing scheduled for Wednesday at 11 a.m ET before the U.S. Bankruptcy Court for the Southern District of New York. 

A union representative did not immediately respond to a request for comment. 

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The ailing company, which also makes Wonder Bread and Drake's cakes, sought permission from bankruptcy court on Monday to liquidate its business, claiming that its operations were crippled by the bakers' strike and that winding down was the best way to preserve its dwindling cash.

On Friday, Hostess closed 33 factories and announced plans to lay off 18,500 workers over an acrimonious labor dispute. But on Monday, U.S. Bankruptcy Judge Robert Drain urged the parties to come to an agreement through mediation. 

Most insiders had anticipated that the two sides would come to an agreement, but the union and company could not find common ground. 

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The company has blamed union wages and pension costs for contributing to its unprofitably. Hostess Chief Executive Gregory Rayburn has also said the company's labor contracts have deterred would-be bidders for the company and its assets. 

Here's what each side previously agreed to:

Teamster Union concessions:

• 8 percent immediate pay cuts, which would go down to 5 percent next year
• Hostess will reduce contributions to the health plan by 17 percent
• Hostess will freeze pension contributions until 2015

Management concessions:

• Gave Teamsters 25 percent share of company stock
• Gave Teamsters two seats on the board
• Gave Teamsters a $100 million claim in bankruptcy
• Won't permanently freeze pensions contributions
• Former CEO's head on a platter: board ousted Brian Driscoll in March, 2012, after it was revealed his salary was tripled to $2.5 million at the same time he demanded steep pay cuts for workers

The next step is to go back to the bankruptcy judge, who will hold in his hands the fate of the 82-year-old company and its well-known brands. 

In the coming months, several different scenarios could play out, depending on whether a buyer emerges for the company's brands.

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"There's a lot of goodwill that comes with the brand name," said  John Pottow, a bankruptcy law professor at the University of Michigan. "A lot of companies could buy the name and recipe for Twinkies and make them."

Potential buyers wouldn't have to make the snack foods at Hostess factories either. They could make them in new facilities not burdened under old worker agreements that, for instance, required employing separate drivers for two different kinds of Hostess products rather than trucking them together. Among the alternatives:

Twinkies get absorbed by a big American conglomerate
Some of the likely suitors include ConAgra, Tastycakes maker Flowers Food, or McKeeFoods, makers of Little Debbie. These companies would likely seek to attach the Twinkies to a more efficient delivery system. For instance, does it really make sense to deliver Twinkies in their own special Twinkies trucks?

"Twinkie The Kid" trades his cowboy hat for a sombrero...
A Mexican firm, like Grupo Bimbo, which Forbes reports put in a bid for Hostess several years ago, could move production south of the border. A South American company could get access to lower sugar prices and a cheaper non-unionized workforce. Or, they could keep product in the US, but make them in a non-unionized factory.

...or develops a Canadian accent.
A Canadian company called Saputo has the Canadian rights to Hostess brand products. They're not affected at all by the Hostess liquidation and they could conceivably arrange it to sell Twinkies in America. 

Twinkies dies
Pure speculation: No one buys the Twinkies recipe. Fans are forced to make their own at home. Prices for unopened boxes of Twinkies skyrocket on eBay. An "Occupy Twinkies" movement launches to build an unauthorized Twinkies knockoff factory with no leaders and online-only sales... and is surprisingly profitable.

Related: Relax, Twinkies likely to live on

Court filings showed  that the company is asking for permission to pay $1.75 million in retention bonuses to 19 different managers as an incentive for sticking around during the liquidation process. 

The U.S. trustee, Hope Davis, an official appointed by the Justice Department to protect the interest of creditors, objected to this idea, filing a motion on Monday which argued that Hostess officials "have failed to demonstrate that the proposed bonuses are true incentive bonuses and not disguised retention payments."

Davis also moved to convert the bankruptcy from a Chapter 11 to a Chapter 7. That would take control of the wind-down proceedings away from Hostess and into the hands of a court-appointed trustee.

More: Is 25 percent tip the new normal? Expert says... 

In their joinder filed Monday, the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union said that "blaming the BCTGM for the Company’s liquidation is no more credible than blaming an isolated gust of wind for blowing over a tree, when it was the tree’s shallow, rotted root structure that was actually responsible."

But kids, both young and old, don't care about the blame game. They want to know whether they'll still be able to find their favorite creme-filled yellow cake treat on the shelves.

The decades-old brand is legendary in consumers' minds and evokes strong feelings of nostalgia in every bite. Some still remember the brand's signature character "Twinkie The Kid" lassoing it up on early television commercials and proclaiming "Big Delight in Every Bite!"

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The foodstuff has even entered the legal canon. "The Twinkie Defense" was famously, and successfully, used to argue that a suspect on trial for murder suffered from depression and that his high-sugar diet was a symptom of this mental state.

Ben Popken and Reuters contributed to this report. 

Twinkie the Kid’s ride into the sunset hit a hurdle Monday when Hostess Brands, unions and lenders agreed to mediation to try to save the company, and its spongy, yellow cake, from liquidation. 

The decision staves off, for a couple of days at least, Hostess’ plans to shut down its 33 factories and lay off 18,500 workers after an acrimonious labor dispute that could lead to the end of the 82-year-old company and its well-known brands such as Twinkies, Ho-Hos, Sno-Balls and Wonder bread. 

During the hearing, U.S. Bankruptcy Judge Robert Drain urged the parties to come to an agreement through mediation rather than through a public, and costly, hearing. The court called a short recess while the lawyer for the baker's union phoned his client to see if the union would agree to a mediation process tomorrow.

After the recess, the sides agreed to a mediation session Tuesday at 1 p.m. ET to try to work things out. If they can't resolve it, and come to an understanding of the underlying motives behind the worker strike that the company said crippled its business, the bankruptcy hearing will resume Wednesday at 11 a.m ET.

The sides will probably come to an agreement  on Tuesday, John Pottow, a bankruptcy law professor at the University of Michigan, told TODAY. The biggest sign, he said, is that the Teamsters were on board.

"The Teamsters aren't pussycats," said Pottow. "If they're saying 'this is as good as it gets,' that's a pretty strong signal to me."

Wait a moment, so they were playing poker with our childhood memories all along?

"The bakery union probably thought management was bluffing," Pottow said. After Hostess filed for permission to liquidate Friday, it became clear they weren't.

Court filings show that the company is asking for permission to pay $1.75 million in retention bonuses to 19 different managers as an incentive for sticking around during the liquidation process. Hostess Brands CEO Gregory Rayburn has publicly blamed the unions for the company's demise.

The U.S. trustee, Hope Davis, an official appointed by the Justice Department to protect the interest of creditors, objected to this idea, filing a motion this morning which argued that Hostess officials "have failed to demonstrate that the proposed bonuses are true incentive bonuses and not disguised retention payments."

Davis also moved to convert the bankruptcy from a chapter 11 to a chapter 7. That would take control of the winddown proceedings away from Hostess and into the hands of a court-appointed trustee.

In their joinder filed today, the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union said that "blaming the BCTGM for the Company’s liquidation is no more credible than blaming an isolated gust of wind for blowing over a tree, when it was the tree’s shallow, rotted root structure that was actually responsible."

But kids, both young and old, don't care about the blame game. They want to know whether they'll still be able to find their favorite creme-filled yellow cake treat on the shelves.

The decades-old brand is legendary in consumers' minds and evokes strong feelings of nostalgia in every bite. Some still remember the brand's signature character "Twinkie The Kid" lassoing it up on early television commercials and proclaiming "Big Delight in Every Bite!" The foodstuff has even entered the legal canon. "The Twinkie Defense" was famously, and successfully, used to argue that a suspect on trial for murder suffered from depression and that his high-sugar diet was a symptom of this mental state.

In advance of the interim hearing, Hostess Brands spokesman Tom Becker told TODAY he "wasn't going to comment on what could happen" or speculate on the proceeding's outcome.

While today's results are likely to be minimal, in the coming months several different scenarios could play out, depending on who the buyer is, or if there is a buyer at all.

"There's a lot of Goodwill that comes with the brand name," said Pottow, "A lot of companies could buy the name and recipe for Twinkies and make them." They wouldn't have to make them at the Twinkies factories either. They could make them in new facilities not burdened under old worker agreements that, for instance, required employing separate drivers for two different kinds of Hostess products rather than trucking them together.

Twinkies get absorbed by a big American conglomerate

Some of the likely suitors include ConAgra, Tastycakes maker Flowers Food, or McKeeFoods, makers of Little Debbie. These companies would likely seek to attach the Twinkies to a more efficient delivery system. For instance, does it really make sense to deliver Twinkies in their own special Twinkies trucks?

"Twinkie The Kid" trades his cowboy hat for a sombrero...

A Mexican firm, like Grupo Bimbo, which Forbes reports put in a bid for Hostess several years ago, could move production south of the border. A South American company could get access to lower sugar prices and a cheaper non-unionized workforce. Or, they could keep product in the US, but made in a non-unionized factory.

...or develops a Canadian accent.

A Canadian company called Saputo has the Canadian rights to Hostess brand products. They're not affected at all by the Hostess liquidation and they could conceivably arrange it to sell Twinkies in America. 

Twinkies dies

Pure speculation: No one buys the Twinkies recipe. Fans are forced to make their own at home. Prices for unopened boxes of Twinkies skyrocket on eBay. An "Occupy Twinkies" movement launches to build an unauthorized Twinkies knockoff factory with no leaders and online-only sales... and is surprisingly profitable.

Sharing personal details at work can be a difficult terrain to navigate. Tell all early and you can inoculate yourself against criticism later if your personal life affects your work. But overshare and you can marginalize yourself at the one place where things are calm and quiet. 

"Having to disclose personal information in the workplace can be one of the most anxiety-provoking decisions an employee has to make. Particularly in this economy, where many employees are worried that any sign of weakness may adversely affect their continued employment or personnel review," says Wendy Patrick, a management and ethics lecturer at San Diego State University. 

Of course, some personal details like pregnancy or that whole body cast from your weekend skiing injury may be difficult to hide. But for everything else, here is a quick primer for what, how and when to share at the office. 

What do you have to tell? 

Distinguish what you need to tell versus what you don't. As a general rule, you should share information that could affect your work and keep private the personal news that won't have an impact on your performance. 

Legally, you're usually on solid ground if you keep your mouth shut, says Nigel Telman, an employee attorney at law firm Proskauer Rose in Chicago. You aren't even required to mention pregnancy, though of course you would have to if you wanted to take maternity leave. 

"The one exception is if you have an illness that could potentially put your co-workers at risk of contracting the illness. For example, tuberculosis. Then you must advise your employer of the situation," says Telman. 

What do you want to tell? 

If you have a soft fuzzy workplace and consider your boss your friend, you may feel like telling more. Interestingly, workers' views on sharing may be affected by their age, says Amy Lynch, a Minneapolis consultant, who offers corporate seminars on managing multiple generations in the workforce. 

"Competitive baby boomers consider it unprofessional to share private info, even if it impacts performance," she says. Generation X tends to share personal dramas since, "withholding it might be unethical because it affects team performance." 

Millennials, says Lynch, "have always shared that kind of info with everybody. They Facebook it." 

And speaking of Facebook, don't post personal items on social networking sites if you aren't going to disclose them at work. Your colleagues will find out. And they will talk. 

If you want to share with your colleagues, tell your boss first, says Niraj Tenany, chief executive of Netwoven, a tech firm in Milpitas, Calif., with 45 employees. You could be putting your friend in an uncomfortable, or even job-jeopardizing, position if you hand them work-related information before telling your supervisor. 

Know your rights 

If you do tell your boss about your debt problems or your upcoming surgery, can you be fired? Yes and no, says Telman. 

In most cases, "employers have the right to terminate at will any employee for any reason or no reason as long as it isn't an illegal reason," Telman says. So in theory, if you offer up tales of how bill collectors are hounding you, and if your employer decides you have a character flaw, you could be canned without any legal recourse. The Family Medical and Leave Act, however, protects pregnant and ill employees from being sacked because of their condition, says Telman. 

Stick with the facts. "I really don't want to know the details of your pregnancy," says Dan Stockdale, CEO of Adventures in Leadership, a Harriman, Tenn., firm with 125 employees. "Yes, I care and I am happy for you but only share what is relevant to your work position." 

If it's inevitable your employer will learn your news, get it out there early. For pregnancies, three months is probably good timing, says Allison O'Kelly of Moms Corps, a professional flexible staffing firm. "After that, I would tell because you don't want to look like you're holding back. You want to look helpful." 

Have a plan 

Offer a solution at the same time that you bring up the topic. If you need to take time off to care for an ailing parent, for example, suggest which colleagues could take over projects for you or offer to do some work in the evenings. 

"You want to get the news out there early so your employer has more time to prepare and support you, and so they don't feel blindsided," says Nicole Williams, connection director at LinkedIn and author of several career books, including "Earn What You're Worth." 

Marty Kotis, president and CEO of Kotis Holdings, a Greensboro, N.C., shopping center developer, appreciated it when one of his employees gave him two months notice before the employee was going to be sidelined with back surgery. 

"It gave us a chance to discuss how we were going to cover the work flow," says Kotis. 

Get help with the stress 

Some corporations have employee assistance programs (EAPs) run by third party companies to help staff with personal problems. 

They can save a company money, says Sarah Hulsey, the talent manager at Rising Medical Solutions, a Chicago-based consulting firm that advises companies on health benefits. If an employee can get help working out a knotty problem like finding daycare for a dependent parent, that can save hours and days of work time. But there's another reason, says Hulsey: "The EAP is there so we don't have that personal information shared in the workplace." 

There are good reasons for companies to support valued employees. "The more flexible I can be," Kotis says, "it helps me retain some really good staff members." 

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