HARRISBURG, Pa. (CBS) — In his final days in office, Pennsylvania Governor Ed Rendell says he is looking for ways to help the struggling Tasty Baking Company.
Rendell (above) says he is trying to help the 97-year-old Philadelphia company “stay on its feet.”
“Tastykake is not only an important brand, a Pennsylvania company, but it’s a significant employer,” the governor said on Thursday. “Plus, the state and city have put a lot of significant money helping build them a new bakery and headquarters down at the Navy Yard. So we’re trying the find ways to help them if we can.”
He says he believes the company is looking for a sale or a merger in an effort to avoid bankruptcy (see previous story), something the state would like to avoid as well.
Rendell says that help might come in the form of additional loans, the amount of which he declined to discuss, and added they would be structured so the state would be repaid immediately from the proceeds of any sale.
He also acknowledged that any action by his administration could be subject to review by the incoming governor.
Reported by KYW Harrisburg Bureau chief Tony Romeo.