US Edition138-year old grocery store staple files for bankruptcy
- On July 1, Del Monte Foods filed for Chapter 11 bankruptcy, securing $912.5 million in financing and continuing operations during the sale process.
- Shifting consumer preferences to healthier options, combined with $1 billion to $10 billion in debt and a 50% steel tariff in June, weakened Del Monte Foods' finances, prompting bankruptcy.
- Bankruptcy court filings confirm Del Monte Foods has assets and liabilities estimated between $1 billion and $10 billion, secured $912.5 million in DIP financing led by Wilmington Savings and JPMorgan.
- Del Monte Foods' bankruptcy affects over 10,000 creditors, including logistics firms owed millions, amid uncertain recovery prospects during restructuring.
- This bankruptcy marks the fourth in the food sector this year, as Del Monte Pacific may streamline operations and strengthen core markets amid industry challenges.
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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?
139 years ago the US food giant Del Monte was founded. Now the company is insolvent. But it is to be saved.
The US company Del Monte is in financial trouble. The traditional company is looking for a buyer.
By Jordan Valinsky, CNN Del Monte Foods, the 138-year-old company known for its canned fruits and vegetables, has filed for bankruptcy and is seeking a buyer. On Tuesday night, the company announced it is voluntarily filing for Chapter 11 bankruptcy and is in the process of selling all of its assets. Its product lines include several well-known kitchen staples, such as College Inn broths and Contadina canned tomatoes, in addition to its core Del…
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