If you want good management in a company that's obviously on it's way down, you have to pay a lot. Heck, I'm not in management, and the only way I'd EVER consider going to work for a company that was in dire straits financially is for 3-4x my normal hourly rate.
That said, hostess outlived it's market. People are more particular about what they eat today than in years past, so any value in their brand is only going to go down. And I can't imagine repurposing the hostess brand for healthy alternatives. Maybe someone will buy their intellectual property, and then sell their products in a smaller scale, so they have a chance at success.
"Fuck it, have a twinkie!" "That 5 lb Carl's Jr Burger sure was good, now finish your meal with a dozen Ho Hos!"