Del Monte Foods’ U.S. Subsidiary Files for Chapter 11 Bankruptcy

Del Monte Foods Holdings (the American arm of Del Monte Pacific) commenced voluntary Chapter 11 in New Jersey to implement a restructuring support agreement with key lenders. The 138-year-old canned-goods maker secured $912.5 million in debtor-in-possession financing to fund operations through a court-supervised sale process of “all or substantially all” assets. Parent Del Monte Pacific and non-U.S. subsidiaries remain unaffected, and management intends to maintain normal production and distribution during the bankruptcy proceedings.