Tasty Baking wins reprieve, new debt financing

Those Tastykakes will keep popping out of the ovens in South Philadelphia through the end of June.

Friday afternoon, Tasty Baking Co. said its lenders agreed to defer all payments while the snack-food maker pursues "consummating the sale or merger" of the company or refinances what it owes.

In addition, Tasty Baking obtained a $2 million loan from the city, $1 million from the state of Pennsylvania and $3.5 million from a group of unidentified investors.

Here's a link to the press release.

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