Del Monte Foods files for bankruptcy as – Business News
Del Monte Foods kicked off efforts to pursue a sale as it filed for Chapter 11 bankruptcy proceedings within the US on Tuesday below an settlement with sure key lenders, the company stated in a assertion.
The company has secured $912.5 million in financing to assist itself by the proceedings, it stated, including that it intends to stay open and proceed operations all through the bankruptcy.
The 139-year outdated company hosts names like canned fruits and greens model Del Monte, College Inn, below which it sells broth and shares, and tea manufacturers like Joyba.
Del Monte, a 139-year-old company, has secured $912.5 million in financing to assist itself by the proceedings. AP
It listed estimated belongings and liabilities within the vary of $1 billion to $10 billion, in response to a submitting with the New Jersey bankruptcy court docket, whereas the quantity of collectors is estimated between 10,000 and 25,000.
“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,” CEO Greg Longstreet stated.
Certain of its non-US subsidiaries should not included within the Chapter 11 proceedings and proceed to operate as typical, Del Monte Foods stated.
