Not really. The bankruptcy judge wasn't willing to sign off on the bonuses to the management to keep them around for the dissolving of assets just yet. (Why the heck they should be kept around for that eludes me.)
Someone has to manage selling the assets off, ensuring that bakeries and whatnot are closed down and waste disposed of properly, etc. I imagine it may be more efficient to have the people who actually know about Hostess's operations to do it than hire outsiders and have to train them. It also may be hard to find people willing to do the job in the first place - it's not a job with long term prospects, after all.