Del Monte Foods Files for Bankruptcy
- Publish date: since 17 hour
Del Monte’s U.S. unit enters Chapter 11 as it works to restructure and sell most of its business.
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Yup, you read that right—Del Monte Foods’ U.S. division just filed for bankruptcy. The company behind your favorite canned fruits, kitchen staples, and fruit cups (yes, that Del Monte) is in serious financial trouble.
The American unit of Del Monte Pacific Ltd. (a Philippines-based parent company) is now under Chapter 11 bankruptcy protection and working on a deal to sell off most, if not all, of its assets to pay off debts and hopefully bounce back stronger.
A Sale to Save the Brand
Del Monte Foods (the U.S. arm) has signed an agreement with its lenders to start a court-supervised sale process, meaning it’ll put the business (or big chunks of it) up for sale to raise cash.
The CEO, Greg Longstreet, says this is a "strategic move" to turn the company around and hopefully set it up for future success.
For now, the company secured $912.5 million in financing to keep the lights on and operations running during the sale. That includes $165 million in new funding to help them through this rough patch.
What's Next for Del Monte Foods?
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The U.S. operations will continue for now, meaning your favorite products like Contadina, S&W, College Inn, and JOYBA won’t disappear overnight.
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The company plans to find new ownership and clean up its financial mess.
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This move doesn’t affect Del Monte Pacific’s operations in other countries, like the Philippines or other parts of Asia.
Longstreet assured fans that even with these challenges, Del Monte’s mission to provide nutritious and tasty food is still alive—they’ve been doing it for 140 years and are hoping to keep going.