Hostess Brands, the maker of Twinkies, Ho-Hos and Ding Dongs, filed for bankruptcy protection for the second time since 2004 in the face of mounting debt, skyrocketing prices for ingredients and the adoption of more healthful lifestyles.

The company, which has about $860 million in debt, sought protection from creditors after failing to reach an agreement with workers on pensions and benefits, according to Reuters. The company has arranged for $75 million in debtor-in-possession​ (DIP) financing from a group of its existing first-lien lenders, led by Silver Point Capital.  

According to a press release, Hostess will continue operating its bakeries, outlet stores and distribution centers and doesn't anticipate any disruptions to product manufacturing during the bankruptcy.

"Hostess has some of our industry's most powerful and resilient brands," said president and chief executive officer Brian Driscoll. "With generations of loyal consumers, numerous iconic products and a talented and experienced work force, Hostess Brands has tremendous inherent strengths to build upon."

The Teamsters Union released a statement saying the union "remains committed to working with all stakeholders during the bankruptcy to find a mutually agreeable solution, if possible."  It represents more than 7,500 of the company’s nationwide fleet of delivery drivers and merchandisers

Hostess wasn't able to change with the times.   A Wall Street Journal story recently noted that its whole-grain bread, Nature's Pride,  " hasn't sold well compared with some rivals amid a small presence on shelves," citing Mitchell Pinheiro, a Janney Montgomery Scott analyst.  A Hostess spokesman, Lance Ignon, counters that sales for the 52-week period ended December 15, 2011 were up 12.3% to $100 million. Nature's Pride was the 5th largest product introduction in the grocery industry in 2010, according to IRI, he said.

Its other products are being hurt by the growing awareness of the obesity epidemic sweeping the country, especially among children. That trend is particularly evident with respect to Hostess' signature product, Twinkies.

Twinkie inventor James Dewar swore by the cream-filled cake he invented in 1930 and ate at least two packets of them a week before he died in 1985 at age 88.  

"Some people say Twinkies are the quintessential junk food, but I believe in the things," the Los Angeles Times quoted him as saying. These days, many consumers don't share Dewar's heartfelt dedication to what were once dubbed "the cream puff of the proletariat."

Twinkies have an "F" grade from the nutrition website Calorie Count because they pack 150 calories. That means that the snacks have evolved from a daily treat in kids' lunches to an occasional food. Little wonder that Twinkie sales are flat.

-- Jonathan Berr is resisting the urge to buy a Twinkie.
*Updates with statement from Teamster's and additional information about Nature's Pride.