Del Monte Foods enters Chapter 11 bankruptcy, seeks buyer

The US -based Del Monte Foods is seeking to buy Jupiter after entering Chapter 11 of bankruptcy procedures.

“This is a strategic step forward for Del Monte Foods. After a comprehensive assessment of all available options, we decided that the sale is subject to supervision of the court is the most effective way to accelerate our transformation and create stronger and durable DEL food.”

Del Monte Foods, which has been owned since 2014 by Del Monte Pacific listed in the Philippines, has obtained a commitment from her lending in the amount of $ 912.5 million from the debtor financing to refer to maintain business while seeking a potential suitor. It includes 165 million dollars in new financing, which is subject to the approval of the court.

This approval applies to the US Banking Court for the New Jersey Province, where the request for Chapter 11 was submitted, according to the statement.

In a separate notice, Del Monte Pacific explained non -American subsidiaries, including those in Latin America, in bankruptcy procedures at Del Monte Foods at this time and continue to work as usual. He added that Chapter 11 is not related to the work of parents or the Del Monte Philippine Company.

At the same time, Del Monte Foods said it “is following the value of selling value as part of the comprehensive strategic restructuring.” To this end, the company entered the so -called restructuring agreement (RSA) with some of its creditors to follow up “a continuous sale of all or all its assets.”

“With the improvement of the capital and the new financial center and the new ownership, we will be in a better position to succeed in the long term,” Longstitre said in the statement.

Del Monte Foods is famous for its commercial brand of the same name of canned fruits and vegetables. Basics Basics, a broth and stock manufacturer, was obtained in 2022 from his McCormk & Co.

Its other brands are characterized by Joyba, Contadina, Take Root Ourganics Canned Tomatoes, College Inn broth, arrows and s & W, another group of canned fruits and vegetables, along with bandages and sauces.

Although Del Monte Pacific does not divide the performance of Del Monte Foods in its financial report files, the LongStreet in the statement “The company faces” challenges “, which added” the dynamic macroeconomic environment “intensified.

No tendency was provided for what was coming by Del Monte Foods last month when it announced the next closure of the fruit products manufacturing factory in Yakima, Washington. The decision affects 51 workers.