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Canned-food large Del Monte Meals filed for chapter on Tuesday, the corporate introduced in a press release.
Del Monte Meals started voluntary Chapter 11 proceedings and entered right into a restructuring help settlement with a bunch of its lenders, they stated.
“This is a strategic step forward for Del Monte Foods,” CEO Greg Longstreet stated in a press release. “After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods.”
Del Monte stated it has secured $912.5 million in financing from a few of its current lenders to help itself by the proceedings.
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Del Monte Meals stated it intends to stay open and proceed operations all through the chapter. (REUTERS/Bing Guan/File Picture / Reuters Photographs)
The almost 140-year-old firm is understood for its Del Monte model of canned vegatables and fruits, broth and shares model School Inn and tea manufacturers like Joyba.
Del Monte Meals is understood for its Del Monte model of canned fruit and greens. (Kevin Carter/Getty Photos, File / Getty Photos)
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Del Monte Meals stated it intends to stay open and proceed operations all through the chapter.
Signage with emblem on the East Bay regional headquarters of canned items firm Del Monte Meals in Walnut Creek, California, July 26, 2017. (Smith Assortment/Gado/Getty Photos / Getty Photos)
Sure of its non-U.S. subsidiaries are usually not included within the Chapter 11 proceedings and can proceed to function as ordinary, the corporate added.
Ticker Safety Final Change Change % FDP FRESH DEL MONTE 33.13 -0.11
-0.33%
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A submitting with the New Jersey chapter courtroom obtained by Reuters estimates the corporate’s belongings and liabilities at between $1 billion and $10 billion, whereas the variety of collectors is estimated at between 10,000 and 25,000.
Reuters contributed to this report.
