Del Monte Foods Files for Bankruptcy to Restructure Business
Del Monte Foods, a popular American canned foods company, has filed for Chapter 11 bankruptcy to reorganize its finances and operations. The company aims to sell its assets after facing challenges like plant closures and debt issues. Despite the bankruptcy filing, Del Monte plans to continue operating and serving its wide range of canned fruits and vegetables.
One of America's top canned foods companies, Del Monte Foods, filed for Chapter 11 bankruptcy to restructure and shed old debts. The 140-year-old brand aims to sell its assets after recent plant closures and a controversial debt restructuring deal. CEO Greg Longstreet stated that a court-supervised sale process will accelerate the company's turnaround. Del Monte secured $912.5 million in financing to remain operational while seeking a buyer. The company owes debts between $1 billion and $10 billion to over 10,000 creditors. Del Monte also owns brands like Contadina, College Inn, and Joyba, with international subsidiaries unaffected by the bankruptcy.
According to the source: Business Insider.
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