India, July 2 -- Del Monte Foods, the 139-year-old American pantry staple known for its canned fruits and vegetables, has filed for Chapter 11 bankruptcy protection as shifting consumer preferences and rising costs weigh on its business.
The California-based company announced it will pursue a court-supervised sale of its assets in hopes of revitalizing operations and ensuring long-term stability.
"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," said CEO Greg Longstreet.
Del Monte has secured $912.5 million in debtor-in-possession financing to keep the company operating during the ...