Nobody is blaming the bankruptcy on strikes; they were in bankruptcy long before this strike. What's happened as a result of the strike is that their Chapter 11 (restructuring) has changed to Chapter 7 (liquidation), because they are not capable of generating revenue if they can't reliably produce products, and their operational overhead is huge.
The strike is crippling them. But the strikes themselves aren't the systemic cause of Hostess Brands bankruptcy, which started long before this round of strikes. Demand for Hostess offerings is down, and Hostess' overhead is atypically high for its industry.
In a liquidation the common stock holders get nothing until all claims are paid. Who are the biggest creditors to Hostess? I will bet you dollars to donettes that Ripplewood holdings is somehow a creditor and not a stockholder. The money from the sale of the valuable brand names will surely flow to them; someone will start making Wonder bread and Twinkees free of legacy union liabilities; and the share of national income that flows to working people will notch down again.