Latest news with #A1.4
The Advertiser
2 days ago
- Business
- The Advertiser
Canned goods firm Del Monte seeks bankruptcy protection
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets. Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets.
Perth Now
2 days ago
- Business
- Perth Now
Canned goods firm Del Monte seeks bankruptcy protection
Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as US consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $US912.5 million ($A1.4 billion) in debtor-in-possession financing that will allow it to operate normally as the sale progresses. "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," CEO Greg Longstreet said in a statement. Del Monte Foods, based in Walnut Creek, California, also owns the Contadina tomato brand, College Inn and Kitchen Basics broth brands and the Joyba bubble tea brand. The company has seen sales growth of Joyba and broth in fiscal 2024, but not enough to offset weaker sales of Del Monte's signature canned products. "Consumer preferences have shifted away from preservative-laden canned food in favour of healthier alternatives," said Sarah Foss, global head of legal and restructuring at Debtwire, a financial consultancy. Grocery inflation also caused consumers to seek out cheaper store brands. And US President Donald Trump's 50 per cent tariff on imported steel, which went into effect in June, will also push up the prices Del Monte and others must pay for cans. Del Monte Foods, which is owned by Singapore's Del Monte Pacific, was also hit with a lawsuit last year by a group of lenders that objected to the company's debt restructuring plan. The case was settled in May with a loan that increased Del Monte's interest expenses by $US4 million annually, according to a company statement. Del Monte said that the bankruptcy filing is part of a planned sale of company's assets.
News.com.au
02-05-2025
- Business
- News.com.au
US politics live: Tariffs to cost Apple $1.4b, CEO Tim Cook says
Welcome to our live coverage of US politics. US President Donald Trump's national security adviser Mike Waltz has been ousted from the position and will be US ambassador to the United Nations instead. Mr Waltz was the man involved in the so-called 'Signalgate' scandal where a journalist was accidentally included in unsecured messages about military strikes. Meanwhile, Apple CEO Tim Cook says Mr Trump's tariffs could cost the tech giant $US900 million ($A1.4 billion) this quarter. Mr Trump confirmed yesterday 'potential deals' with South Korea, Japan and India when questioned about tariffs at a town hall. But the US President said he was not in a hurry to announce the deals and that 'it can wait two weeks'. Mr Trump's so-called 'Liberation Day' on April 2 saw 25 per cent tariffs slapped on South Korea, 24 per cent on Japan and 26 per cent on India, before announcing a 90-day pause on the higher-rate levies and lowering them to 10 per cent on April 9. Australia's tariff was set at 10 per cent, the lowest amount. Mr Trump said he was pausing the tariffs because 75 countries had asked to negotiate deals. Also yesterday, the US and Ukraine signed a minerals deal after a two-month delay, in what the Trump administration called a new form of US commitment to Kyiv after the end of military aid. This week Mr Trump celebrated 100 days in office.
Yahoo
15-03-2025
- Politics
- Yahoo
Voice of America staff put on leave, Trump orders cuts
Scores of Voice of America employees have been placed on leave and funding for two US news services that broadcast to authoritarian regimes have been terminated. The move came a day after US President Donald Trump signed an executive order gutting the government-funded media outlet's parent and six other federal agencies. Several workers at Voice of America (VOA), an international media broadcaster that operates in more than 40 languages, shared with Reuters an email that placed them on administrative leave with full pay and benefits "until otherwise notified". The emails, sent by a human resources executive at the US Agency for Global Media (USAGM), the VOA's parent agency, instructed them not to enter their work premises or access internal systems. It was not immediately clear exactly how many employees were put on leave. The US Agency for Global Media also terminated the grants for Radio Free Europe/Radio Liberty, which broadcasts to countries in Eastern Europe, including Russia and Ukraine, as well as for Radio Free Asia, which broadcasts to China and North Korea, according to letters seen by Reuters. Trump's directives will curtail an organisation of significant reach, including in authoritarian countries where it may serve as a rare source of reliable news. Founded in 1942 to counter Nazi propaganda, VOA now reaches 350 million people weekly in nearly 50 languages. Including some 1000 VOA workers, USAGM employed roughly 3500 and had an $US886-million ($A1.4 billion) budget in 2024. On its website, Radio Free Europe/Radio Liberty notes that it has been declared an "undesirable organisation" by the Russian government and warns readers in Russia and Russia-occupied Ukraine that they could "face fines or imprisonment" for liking or sharing its content. Czech Foreign Minister Jan Lipavsky said Radio Free Europe had been a "beacon" for populations under totalitarian rule. "From Belarus to Iran, from Russia to Afghanistan, RFE and Voice of America are among the few free sources for people living without freedom," he wrote on X. 1/2 When Radio Free Europe first began broadcasting, it was a beacon for those whom totalitarianism had deprived of the truth. Peroutka, Tigrid, and other exiles fought censorship and lies with words. Today, the situation is no different. — Jan Lipavský (@JanLipavsky) March 15, 2025 The move follows Trump signing an executive order on Friday instructing USAGM and six other agencies to reduce their operations to the minimum mandated by law. Trump, who clashed with the VOA during his first term, picked former news anchor Kari Lake to be its director for his second term. Lake, a staunch ally of the president, has accused mainstream media of harbouring anti-Trump bias. Lake said Trump's order affected USAGM "and its outlets VOA and OCB," referring to the Office of Cuba Broadcasting. She told employees of the agency to check their emails immediately. The president of the National Press Club Mike Balsamo, said the cuts undermined America's commitment to a free and independent press. "For decades, Voice of America has delivered fact-based, independent journalism to audiences worldwide, often in places where press freedom does not exist," Balsamo said. Reporters Without Borders director general, Thibaut Bruttin, said the move "threatens press freedom worldwide and negates 80 years of American history in supporting a free flow of information". Tech billionaire Elon Musk whose Department of Government Efficiency is tasked with shrinking the government, made light of the cuts. "While winding down this global government propaganda agency, it has temporarily been renamed the Department of Propaganda Everywhere (DOPE)," he wrote on X.
