140-year-old Del Monte files for bankruptcy, searching for buyer
The nearly 140-year-old company said in a news release that it is entering Chapter 11 proceedings as part of a restructuring support agreement with its lenders.
Del Monte President and CEO Greg Longstreet said in a statement that filing for bankruptcy is a 'strategic step forward' for the company.
'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, we will be better positioned for long-term success.'
The California-based producer said that it has secured a commitment of more than $912 million from its lenders to help fund the company through the proceedings.
Del Monte said in the release that it intends to remain open and continue operations through its bankruptcy.
A filing in the U.S. Bankruptcy Court for the District of New Jersey said that Del Monte has between $1 billion and $10 billion in both estimated liabilities and assets. The number of creditors is estimated at between 10,000 and 25,000, according to the filing.
CBS News reported that Del Monte has faced a challenging last few years, issuing layoffs and making efforts to downsize by closing plants.
Other big companies have filed for Chapter 11 bankruptcy in an effort to restructure. WeightWatchers, Rite Aid, Publishers Clearing House and décor retailer At Home have all filed for Chapter 11 bankruptcy this year.
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33 minutes ago
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So, it was something that took away the burden of Apple being a loser in the AI race and put it back in the forefront, reinforcing the thesis that with its loyal user base and diverse products, it would be able to apply and monetize this well. Well, Apple Intelligence didn't exactly fail; its features are useful, but it's worth mentioning that it wasn't quite what it seemed to be a year ago. Some things still need to be improved, and all that. But the point is that, especially when compared to last year, this year's event can be labeled as disappointing. The main novelty of WWDC 2025 was Liquid Glass, an interface update that was even a little controversial, with some users concerned about how the interface will be in the next iOS, and some other features that even seem reasonable. But the point here is, there was no super innovative feature, nothing like Apple Intelligence, no eye-catching point related to AI or the like. 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