Del Monte Files Chapter 11 Bankruptcy, Seeks Buyer

Del Monte Foods, a 138-year-old American food company best known for its canned fruits and vegetables, has filed for Chapter 11 bankruptcy protection and is seeking a buyer. The company has secured $912.5 million in debtor-in-possession financing to maintain operations during the court-supervised sale process. Only U.S. operations are affected by the filing, as non-U.S. subsidiaries will continue normal business. Estimated assets and liabilities are listed between $1 billion and $10 billion, with up to 25,000 creditors involved. CEO Greg Longstreet described the move as a strategic step to enable a turnaround and ensure the brand's long-term survival. The future of Del Monte will depend on the outcome of the sale process.