Overview
- The 138-year-old canned-goods company filed for Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey to address its heavy debt burden.
- Court filings list Del Monte’s assets and liabilities each between $1 billion and $10 billion, with obligations to over 10,000 creditors.
- Under a restructuring support agreement, all or substantially all of Del Monte’s brands and production facilities will be offered in a court-supervised auction.
- The $912.5 million financing package from existing lenders underwrites uninterrupted U.S. production and distribution during restructuring.
- Del Monte’s international subsidiaries are excluded from the U.S. proceedings and will continue operating normally outside the bankruptcy process.