Hostess also is more than $860 million in debt, and dealing with rising ingredient prices. The company just emerged from bankruptcy protection in 2009 after filing in 2004.
The privately held Irving, Texas bakery company says it will be able to maintain routine operations thanks to a $75 million financing commitment from a group of lenders.
Hostess said that it will look to restructure into a "strong, competitive" company. It will continue to run bakeries, outlet stores and distribution centers and deliver its goods during the process.
Hostess employs about 19,000 people and operates in 49 states.
The Associated Press contributed to this report.