Overview

• On July 1, Del Monte filed Chapter 11 in New Jersey and secured court approval to maintain U.S. operations.
• A $912.5 million debtor-in-possession financing package will fund ongoing production and sales during restructuring.
• The company has initiated a court-sanctioned marketing process to sell substantially all of its U.S. assets to prospective buyers.
• Del Monte’s international subsidiaries are excluded from the Chapter 11 proceedings and will continue to operate normally.
• Heavy leverage from its 2014 acquisition, doubled annual interest costs and a shift in consumer demand away from canned foods prompted the restructuring.