BUSINESS
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Del Monte Foods Files For Chapter 11 Bankruptcy In Strategic Move Toward Sale And Financial Restructuring
Photo credit: Del Monte
Del Monte Foods, a household name in the American pantry for nearly 140 years, has initiated voluntary Chapter 11 bankruptcy proceedings as part of a broader effort to restructure its balance sheet and prepare for a potential sale of the business.
The company announced today that it has entered into a restructuring support agreement (RSA) with key financial stakeholders, including a group of lenders holding portions of its term loan debt. This agreement sets the stage for a court-supervised sale process aimed at maximizing value for all parties involved.
Del Monte emphasized that operations will continue without interruption during the restructuring. Backed by a commitment of $912.5 million in debtor-in-possession (DIP) financing — including $165 million in new funding — the company aims to maintain its supply chain and meet customer needs during this transitional period. The financing is subject to court approval.
“This is a strategic step forward for Del Monte Foods,” said President and CEO Greg Longstreet. “After carefully evaluating our options, we determined that a court-supervised sale process gives us the best path toward long-term stability and success. With the support of our lenders and stakeholders, we’ll be able to continue doing what we do best — delivering nutritious, great-tasting food to families across the country.”
The company pointed to ongoing macroeconomic pressures as contributing factors to its financial challenges. However, leadership expressed confidence that a restructured capital foundation and new ownership will help ensure the future viability of the Del Monte brand.
First-day motions filed with the U.S. Bankruptcy Court for the District of New Jersey seek to maintain regular business functions, including timely payments to vendors and uninterrupted customer service. Del Monte’s international subsidiaries are not part of the Chapter 11 filing and are continuing to operate normally.
For those seeking more information about the proceedings, court documents and updates are available at https://cases.stretto.com/DelMonteFoods.
Despite the restructuring, Del Monte remains committed to its mission: expanding access to healthy, convenient food — a role the company has played for generations and hopes to continue under new financial footing.
The company announced today that it has entered into a restructuring support agreement (RSA) with key financial stakeholders, including a group of lenders holding portions of its term loan debt. This agreement sets the stage for a court-supervised sale process aimed at maximizing value for all parties involved.
Del Monte emphasized that operations will continue without interruption during the restructuring. Backed by a commitment of $912.5 million in debtor-in-possession (DIP) financing — including $165 million in new funding — the company aims to maintain its supply chain and meet customer needs during this transitional period. The financing is subject to court approval.
“This is a strategic step forward for Del Monte Foods,” said President and CEO Greg Longstreet. “After carefully evaluating our options, we determined that a court-supervised sale process gives us the best path toward long-term stability and success. With the support of our lenders and stakeholders, we’ll be able to continue doing what we do best — delivering nutritious, great-tasting food to families across the country.”
The company pointed to ongoing macroeconomic pressures as contributing factors to its financial challenges. However, leadership expressed confidence that a restructured capital foundation and new ownership will help ensure the future viability of the Del Monte brand.
First-day motions filed with the U.S. Bankruptcy Court for the District of New Jersey seek to maintain regular business functions, including timely payments to vendors and uninterrupted customer service. Del Monte’s international subsidiaries are not part of the Chapter 11 filing and are continuing to operate normally.
For those seeking more information about the proceedings, court documents and updates are available at https://cases.stretto.com/DelMonteFoods.
Despite the restructuring, Del Monte remains committed to its mission: expanding access to healthy, convenient food — a role the company has played for generations and hopes to continue under new financial footing.
Jul 3, 2025
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