The pensions depend on the way they were originally set up. My Dad got screwed out of most of his during a hostile takeover of his company in the late 1970s. Even if those funds were supposed to be "set aside" just when did that ever stop some stuffed shirt from raiding them and getting away with it?
And if the bankruptcy court has a fire sale and sells off all of the real property and other assets there won't be a "Hostess" to go back to. There is already talk of selling off the individual right to the products to other baking companies.
While it sucks Mike is (unfortunately) right. No job=No Pay.