Global canned food and fruit company, Del Monte Foods, has officially filed for bankruptcy in the United States (US). This was done through the implementation of bankruptcy law or better known as Chapter 11.
Reporting from Reuters, Wednesday (2/7/2025), the bankruptcy filing was carried out by Del Monte based on an agreement with the company's main lenders. At the same time, the company will sell a number of assets in accordance with existing regulations to cover some of its debts.
"Del Monte Foods began efforts to pursue sales when it filed for Chapter 11 bankruptcy proceedings in the United States on Tuesday based on agreements with several major lenders," the company wrote in a statement.
"While some of its subsidiaries outside the US are not included in the Chapter 11 process and continue to operate as usual," Del Monte Foods said again.
In its official statement, Del Monte claimed to have secured a purchase commitment worth US$ 912.5 million. At the same time, the canned food giant intends to remain open and continue operations during the bankruptcy process and asset sales.
Meanwhile, in the US bankruptcy court documents in New Jersey, Del Monte is listed as having assets and liabilities worth US$ 1 billion to US$ 10 billion. Meanwhile, the number of creditors that the company must pay is estimated to be between 10,000 and 25,000 entities.
"This is a strategic step forward for Del Monte Foods. After thoroughly evaluating all available options, we decided that a court-supervised sale process was the most effective way to accelerate recovery and create a stronger and more enduring Del Monte Foods," said CEO Greg Longstreet.
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