Del Monte Foods, a 138-year-old grocery brand, has filed for Chapter 11 bankruptcy. Based in Walnut Creek, California, it operates multiple production facilities in the U.S. and Mexico and is now looking for a buyer. The company claims that a court-supervised sale process will help accelerate its turnaround. Having secured $912.5 million in new funding, Del Monte intends to continue operations while it seeks new ownership. The company lists its liabilities between $1 billion and $10 billion and aims to strengthen its financial position after bankruptcy.
This is a strategic step forward for Del Monte Foods. 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.
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