Del Monte Pacific Seeks Other Funding Sources as Liabilities Rise - BusinessWorld Online
UNITED STATES, JUL 7 – Del Monte Foods seeks buyer amid $1.2 billion debt and shifting consumer preferences away from canned goods, with $912.5 million financing secured to maintain operations during bankruptcy.
- On Monday, Del Monte Pacific flagged a capital deficit from its US unit’s Chapter 11, with no operational disruption, as Nanofilm acquires Sydrogen’s remaining stake for S$15 million.
- Del Monte Foods Holdings Ltd. filed for Chapter 11 on July 1 due to high debt, rising interest expenses, and misjudged pandemic inventory buildup, leading to liquidity issues.
- Nanofilm owns 65% of Sydrogen’s 70 million shares, with a S$15 million purchase; mm2 Asia’s 1.9 billion-share placement aims to raise S$14 million for debt and working capital.
- Following the announcements, LHN shares declined 0.7% to S$0.715 and DMP’s shares dropped 1.36% to ₱2.91, reflecting immediate market reaction.
- Del Monte Pacific plans a placement to strengthen liquidity, aiming to raise S$14 million for debt repayment and operational needs.
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Del Monte to stay afloat, amid bankruptcy of US arm
MANILA, Philippines – Food giant Del Monte Pacific Ltd. (DMPL) has assured investors that it will continue operations and service debts despite the bankruptcy of its US subsidiary, saying that the strong performance of Philippine operations would be able to keep the company afloat. The current liabilities of the group and DMPL had exceeded assets […]...Keep on reading: Del Monte to stay afloat, amid bankruptcy of US arm
Del Monte Pacific seeks other funding sources as liabilities rise - BusinessWorld Online
CAMPOS-LED food and beverage producer Del Monte Pacific Ltd. (DMPL) is seeking alternative funding sources amid rising liabilities, following the recent bankruptcy filing of its United States business. “The group continues to find new sources of funding to improve cash management, including incremental short-term lines from partner banks to meet its short-term obligations that will provide sufficient working capital financing for it to meet its …
Del Monte files for bankruptcy in US - what about Europe?
"Del Monte Foods Inc. files for Chapter 11 bankruptcy amid mounting debt and shifting market dynamics. The iconic US canned goods brand seeks a buyer through a court-supervised sale, while its international counterpart, Fresh Del Monte Produce, remains unaffected."
Del Monte Foods Chapter 11 Signals Shift in Food Industry - AgNet West
Del Monte Foods Files for Bankruptcy Amid Market Transformation As the food industry continues evolving under health-conscious consumer trends and inflationary pressures, legacy companies are facing unprecedented challenges. Del Monte ... Read More The post Del Monte Foods Chapter 11 Signals Shift in Food Industry appeared first on AgNet West.
Canning contraction for Northwest pear industry - Good Fruit Grower
Large, 105-ounce cans wait to be filled at the Del Monte Foods cannery in Yakima, Washington, in November. As retail demand for canned fruit continues to decline, Del Monte closed the facility in May. (TJ Mullinax/Good Fruit Grower) Consumer demand for canned fruit continues to slump, leaving Northwest Bartlett pear growers to navigate a new landscape with lower processing volumes and the May closure of the Del Monte Foods plant in Yakima, Washi…
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