The company said it is restructuring as it seeks a buyer

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Del Monte Foods has filed for Chapter 11 bankruptcy in the U.S., aiming for a court-supervised sale to address financial challenges.
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The company secured $912.5 million in financing to maintain operations during the bankruptcy proceedings.
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Non-U.S. subsidiaries of Del Monte are not affected by the bankruptcy filing and will continue regular operations.
Del Monte Foods, a staple in American pantries for over 135 years, has filed for Chapter 11 bankruptcy protection in the United States. The company said the move is part of a strategic plan to pursue a court-supervised sale, aiming to address the company's financial challenges and position it for long-term success.
The company, known for its canned fruits and vegetables, College Inn broths, and Joyba teas, announced that it has secured $912.5 million in financing to support operations throughout the bankruptcy process. This funding is intended to ensure that day-to-day business activities continue without disruption.
In its filing with the U.S. Bankruptcy Court for the District of New Jersey, the company listed estimated assets and liabilities ranging between $1 billion and $10 billion, with 10,000 to 25,000 creditors. CEO Greg Longstreet described the bankruptcy as "a strategic step forward" to accelerate the company's turnaround efforts.
Importantly, Del Monte Foods clarified that its non-U.S. subsidiaries are not included in the Chapter 11 proceedings and will continue to operate as usual.
Consumer shopping changes
Del Monte has been buffeted by the changes in consumers grocery shopping habits, especially since post-pandemic inflation sent many shoppers to cheaper store brands.
The bankruptcy filing follows a series of financial challenges for the company, including a debt restructuring in 2024 and a legal settlement with lenders earlier this year. The restructuring efforts involved complex financial maneuvers, such as transferring assets to new subsidiaries and negotiating new loan agreements.
As Del Monte Foods navigates the bankruptcy process, the company said it is actively seeking buyers for part or all of its operations. The outcome of these efforts will play a crucial role in determining the future of this iconic food brand.
Posted: 2025-07-02 14:41:34