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IBC Names Craig Jung as CEO.

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Files Motion to Extend DIP Financing Facility

KANSAS CITY, Mo., Jan. 30 /PRNewswire-FirstCall/ -- Interstate Bakeries Corporation (IBC) today named Craig D. Jung, 53, as its new chief executive officer and a member of the Company's newly reconstituted Board of Directors. Mr. Jung's employment and appointment to the Board are subject to Bankruptcy Court approval, and the Company today filed a motion with the Court requesting authorization to enter into an employment agreement with Mr. Jung. The motion is scheduled to be heard February 16 and, if approved, would become effective immediately.

Mr. Jung will replace Tony Alvarez II, co-founder and co-chief executive of Alvarez & Marsal (A&M), the corporate advisory and turnaround management services firm. Mr. Alvarez has served as chief executive officer of IBC since the Company filed Chapter 11 in September 2004.

Michael Anderson, a long-time member of IBC's Board of Directors, who was elected Board Chairman on January 24, 2007, said, "Craig Jung is the right choice to lead the Company going forward. He is a highly respected executive with prior CEO and COO experience and a proven track record in leading performance turnarounds."

Mr. Anderson thanked Tony Alvarez for his stewardship of the Company: "Tony Alvarez's leadership contributions have been invaluable in bringing IBC to this critical point, and the Board is extremely appreciative of his efforts."

Mr. Jung previously served as CEO of Panamerican Beverages, formerly the third-largest Coca-Cola bottler in the world with $2.6 billion of revenues. In May 2003, Mr. Jung led the sale of Panamco, Panamerican Beverages' successor, to Coca-Cola FEMSA, S.A. de C.V. in a transaction valued at $3.6 billion....