Del Monte Foods seeks US bankruptcy protection, asset sale
Provided by Philippine Daily Inquirer.
(2025/07/02-13:06)
MANILA, Philippines — Del Monte Foods Corp. II Inc., one of America's largest producers of branded food products, has sought bankruptcy protection in the United States while putting all of its assets on the auction block.
In a press statement from California dated July 1, the US subsidiary of Campos family-led Del Monte Pacific Ltd. said it has entered into a restructuring support agreement with a group of its lenders and initiated voluntary Chapter 11 proceedings at the New Jersey bankruptcy court.
The agreement with creditors contemplates the sale process for "all or substantially all" of the company's assets, with the goal of obtaining the highest value for all stakeholders, according to the official announcement.
"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," said Greg Longstreet, president and CEO of Del Monte Foods.
"With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success," he added.
READ: Del Monte expects to bite the bullet through 2025
Deal with creditors
To support the strategic transactions and fund its ongoing operations, the company has obtained a commitment for $912.5 million in debtor-in-possession financing, inclusive of $165 million in new funding, from certain of its existing lenders, subject to court approval.
This financing, along with cash from ongoing operations, is seen to provide sufficient liquidity during the sale process and fund the ongoing operations.
To enable the smooth transition into Chapter 11, the company filed a number of customary "first day" motions that, upon court approval, would enable it to continue business operations "in the ordinary course and on an uninterrupted basis."/dda
READ: Del Monte losses balloon by 82% on US costs
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