"Del Monte Foods has filed for bankruptcy and will seek a buyer for all or substantially all of its assets, aiming to stabilize finances despite having debts between $1 billion to $10 billion."
"Chief Executive Officer Greg Longstreet emphasized that the court-supervised sale process is the most effective method for accelerating Del Monte Foods' turnaround and enhancing its future stability."
Del Monte Foods has filed for bankruptcy protection in order to explore a sale of its assets and stabilize its financial condition. The company reported having debts and assets ranging from $1 billion to $10 billion. CEO Greg Longstreet stated that a court-supervised sale process is needed to facilitate a turnaround for the company. Del Monte has received financing of $912.5 million from lenders to assist during the Chapter 11 process. Macro factors like changing consumer behavior and inflation have impacted their operations, despite a strong demand for products in recent years.
Read at The Mercury News
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