(CBS NEWS) — Hostess Brands Inc., the maker of Wonder Bread and Twinkies, is preparing to refile for Chapter 11 bankruptcy protection just two years after emerging, The Wall Street Journal reported Monday.

A spokesman for the privately held Irving, Texas, bakery company declined to comment on the report.

People familiar with the matter said the company is facing a cash crunch with more than $860 million in debt, high labor expenses and rising ingredient costs.

“Hostess’s filing would mark what is known as a Chapter 22 proceeding in restructuring circles, since the company had already sought bankruptcy protection once before,” the Journal noted.

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