Del Monte Foods files for bankruptcy

Canned-food giant Del Monte Foods filed for bankruptcy on Tuesday, the company announced in a statement.Del Monte Foods began voluntary Chapter 11 proceedings and entered into a restructuring support agreement with a group of its lenders, they said. "This is a strategic step forward for Del Monte Foods," CEO Greg Longstreet said 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."Del Monte said it has secured $912.5 million in financing from some of its existing lenders to support itself through the proceedings.ONLINE JOB LISTING COMPANY CAREERBUILDER + MONSTER FILES FOR BANKRUPTCYThe nearly 140-year-old company is known for its Del Monte brand of canned fruits and vegetables, broth and stocks brand College Inn and tea brands like Joyba.HOME DECOR RETAILER FILES FOR CHAPTER 11 BANKRUPTCY AS PART OF RESTRUCTURINGDel Monte Foods said it intends to remain open and continue operations throughout the bankruptcy. Certain of its non-U.S. subsidiaries are not included in the Chapter 11 proceedings and will continue to operate as usual, the company added.GET FOX BUSINESS ON THE GO BY CLICKING HEREA filing with the New Jersey bankruptcy court obtained by Reuters estimates the company’s assets and liabilities at between $1 billion and $10 billion, while the number of creditors is estimated at between 10,000 and 25,000.Reuters contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business