Walnut Creek-based Del Monte Foods announced this week it’s filed for Chapter 11 bankruptcy protection and is seeking a buyer. The company and certain affiliates and subsidiaries filed in the U.S. Bankruptcy Court for the District of New Jersey. The company said it entered into a restructuring support agreement with a group of its lenders holding some of the company’s term loan indebtedness. “This is a strategic step forward for Del Monte Foods,” said Greg Longstreet, President and CEO of Del Monte Foods, in a statement. ‘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.” Longstreet said, with an improved capital structure, enhanced financial position and new ownership, the company will be better positioned for long-term success.
“While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all,” Longstreet said. Del Monte filed customary “first day” motions that it said, upon court approval, will enable it to continue business operations. Some of the company’s non-U.S. subsidiaries aren’t included in the Chapter 11 proceedings and continue to operate as usual.
Very interested to find out what happen to Del Monte Foods (A local legend). Short sighted management, just like every other company? No looking to the long term? Going forward there will not be very many 140 year old companies!
That sucks.
Too bad … hope an American company buys it back from the Phillipines Co.
Very sad! That’s a name most of us grow up with, and it instills warm feelings and thoughts.
Del Monte was always the brand I was willing to pay a bit more for, over the store and cheaper brands. They used to be worth it. Now, hate to say it, but Big Box, or Amazon cheaper store brands are better quality. Del Monte sold the BRAND-NAME down the drain a few years ago … and it shows in the (lack of) quality in the can, especially the fruits.
The way that Longstreet dude talks triggers my BS detector.
Wisely, I had limited my total investment in Del Monte to only 2 cans of creamed corn.