Twinkies getting a second life?

(CNN, ABC) - Private equity firm Sun Capital Partners wants to buy bankrupt bakery Hostess Brands Inc., Fortune has learned.

The proposal would be to operate Hostess as a going concern, including reopening the shuttered factories and continuing union representation of Hostess workers.

Sun Capital privately expressed interest in acquiring Hostess earlier this year, but the bakery's creditors chose for an alternate reorganization plan that ultimately failed. Following Friday's liquidation, Sun reengaged by contacting Hostess advisor Perella Weinberg Partners. It also plans to contact the relevant labor unions.

Economists say part of the reason Hostess struggled was due to high sugar tariffs meant to protect local producers, the Monitor reported. Grupo Bimbo could take advantage of lower sugar prices in Mexico.

Hostess makes Twinkies as well as popular snacks including Ho Hos, Ding Dongs, Suzy Qs, Sno Balls and Wonder Bread.

Last week the company announced it would close after it imposed wage and benefit cuts to its workers, prompting a bitter nationwide strike.