Overview

• The company filed voluntary Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey with assets and liabilities each estimated between $1 billion and $10 billion.
• Del Monte secured $912.5 million in debtor-in-possession financing, including $165 million in new funding, from its existing lenders.
• Under a restructuring support agreement, the firm has launched a court-supervised going-concern sale process for substantially all of its assets.
• Operations will continue uninterrupted as Del Monte serves its customers and keeps its non-U.S. subsidiaries unaffected by the U.S. proceedings.
• CEO Greg Longstreet said the sale process offers the best path to accelerate the company’s turnaround and build a stronger Del Monte Foods.