Del Monte Foods has filed for Chapter 11 bankruptcy as it seeks a buyer for its assets. The company, which has operated for 138 years, stated that a court-supervised sale is the most effective option to enhance its future. Del Monte, known for its canned fruits and vegetables, has secured $912.5 million from lenders to support operations during this period. The CEO expressed gratitude towards employees and partners while acknowledging the challenges faced in a dynamic economic environment.
After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods.
While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all.
I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals.
Del Monte is entering Chapter 11 and is looking for a buyer to acquire its assets.
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