Del Monte Foods filed for Chapter 11 bankruptcy seeking a buyer to restructure its finances. The brand has secured $912.5 million from lenders for operations during the sale process. Del Monte Pacific, the parent company, will deconsolidate its U.S. subsidiary and stop financial support, allowing lenders to appoint board members. As of January 31, 2025, Del Monte Pacific's investment in Del Monte Foods was valued at $579 million, with a further net receivable of $169 million from the subsidiary. Del Monte Pacific reported slight revenue growth last year.
"A court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods," said president and CEO Greg Longstreet in a statement.
Del Monte Pacific announced in a Wednesday filing on the Singapore exchange that it will deconsolidate its U.S. subsidiary.
Del Monte Pacific has transferred 25% of its ownership stake to lenders, indicating significant financial restructuring and a shift in control.
Del Monte Foods has secured a $912.5 million commitment from its lenders to support the company's operations through the sales process.
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