US Edition138-year old grocery store staple files for bankruptcy
- On July 1, Del Monte Foods filed for Chapter 11 in New Jersey, securing $912.5 million in financing and continuing operations during the sale process.
- Shifting consumer preferences, rising operational costs, and a $1 billion-$10 billion debt, exacerbated by June's 50% steel tariff, drove Del Monte Foods' bankruptcy, Foss explained.
- Documents reveal Del Monte has between $1 billion and $10 billion in assets and liabilities, secured $912.5 million in DIP financing led by Wilmington Savings and JPMorgan.
- Vendors including Uber Freight, Saddle Creek, and CHEP face uncertainty over recovery with thousands of creditors owed millions amid Del Monte's restructuring.
- The bankruptcy highlights sector-wide pressures, as the parent company may benefit from the US unit's sale amid industry challenges.
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Philippine Tycoon Joselito Campos-Backed Del Monte Pacific’s U.S. Unit Files For Bankruptcy
Del Monte Pacific—known for its canned pineapple and fruit cocktail as well as its sauces—said it had invested $579 million in its U.S. unit, which owes the company about $169 million in net receivables.
·United States
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The U.S. food giant Del Monte Foods filed the insolvency application. Subsidiaries are not affected. What does this mean for the company?
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