{"id":1544964,"date":"2025-07-02T20:40:00","date_gmt":"2025-07-03T00:40:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1544964"},"modified":"2025-07-02T20:40:00","modified_gmt":"2025-07-03T00:40:00","slug":"del-monte-bankruptcy-wont-spark-canned-food-shortages","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/del-monte-bankruptcy-wont-spark-canned-food-shortages\/1544964\/","title":{"rendered":"Del Monte\u00a0Bankruptcy Won’t Spark Canned Food Shortages\u00a0\u00a0"},"content":{"rendered":"

Del Monte\u00a0Bankruptcy Won’t Spark Canned Food Shortages\u00a0\u00a0<\/span><\/p>\n

\n

Del Monte Foods, a major player in America’s canned food supply chain, has filed<\/a> for Chapter 11 bankruptcy in New Jersey as part of a broader strategic restructuring effort. The company does not\u00a0anticipate that the bankruptcy process will cause any disruptions to the canned food market.\u00a0<\/p>\n

The 138-year-old food company, a\u00a0U.S. unit of Singapore-based Del Monte Pacific, best known for its canned fruits and vegetables, entered into a restructuring support agreement with a group holding some of its term loan\u00a0debt. The company stated it’s “pursuing a value-maximizing sale process as part of an overall strategic balance-sheet restructuring.”\u00a0<\/p>\n

A filing with the U.S. Bankruptcy Court for the District of New Jersey states the company,\u00a0whose brands include Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics, and S&W, said it has both\u00a0liabilities and assets estimated between $1 billion and $10 billion and secured\u00a0$912.5 million in debtor-in-possession financing, including $165 million in new funding, from some of its current lenders.\u00a0<\/p>\n

<\/a><\/p>\n

“This is a strategic step forward for Del Monte Foods. 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. With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,” said Greg Longstreet, President and CEO of Del Monte Foods.<\/p>\n

Longstreet continued, “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. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals.”<\/p>\n

Bloomberg noted, “The development ends a challenging year for the borrower that saw its parent company Del Monte Pacific Ltd. in June elect to skip a payment to the unit’s lenders as part of a lawsuit settlement tied to a controversial debt restructuring.”<\/p>\n

Del Monte’s operations date back to the mid-1880s, when California-based merchants began using the name “Del Monte” to market high-quality coffee for the Hotel Del Monte in Monterey. By 1892,\u00a0it expanded to canned fruit and has since grown to control a\u00a0sizeable portion of the U.S. canned food market.\u00a0<\/p>\n

The good news is that Del Monte does not expect any supply shortages in the canned food market as a result of its bankruptcy proceedings.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/02\/2025 – 16:40<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/food\/del-monte-bankruptcy-wont-spark-canned-food-shortages<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Del Monte\u00a0Bankruptcy Won’t Spark Canned Food Shortages\u00a0\u00a0 Del Monte Foods, a major player in America’s canned food supply chain, has filed for Chapter 11 bankruptcy…<\/p>\n","protected":false},"author":0,"featured_media":1544965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1544964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6tUM","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2025\/07\/63342-OLD-PACKAGING-original-8R9GLE.jpg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1544964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1544964"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1544964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1544965"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1544964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1544964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1544964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}