Philippine Tycoon Joselito Campos Del Monte Pacific's U.S. Unit Files For Bankruptcy
Del Monte Pacific—the canned food producer controlled by Philippine food-to-pharmaceuticals tycoon Joselito Campos and his siblings—said it will deconsolidate its U.S. subsidiary, which has filed for bankruptcy.
Del Monte Pacific announced the deconsolidation of Del Monte Foods Holdings Ltd. (DMFHL) late Wednesday in a statement to the stock exchanges of Singapore and the Philippines where shares of the Manila-based company are listed.
'The company is in the process of assessing the financial impact that its deconsolidation of DMFHL might have on the Del Monte Pacific Group,' Del Monte Pacific said in the statement. 'Updates on such financial implications will be provided in due course.'
Del Monte Pacific—known for its canned pineapple and fruit cocktail as well as its sauces—said its net investment in DMFHL was at $579 million as of Jan. 31. In addition, Del Monte Pacific and its affiliates have $169 million in net receivables from DMFHL and its units, including Del Monte Foods Inc. Del Monte Pacific shares tumbled 8.2% in morning trading in Singapore, heading for its second day of decline.
'The value to be impaired will be determined after the audit,' Del Monte Pacific said. 'Updates on the financial impacts will be provided in due course.' Del Monte Philippines, along with its Asian and international business, continue to perform well and its operation will remain uninterrupted, it added.
Del Monte Pacific said it lost control of DMFHL in June after skipping debt payments. As a consequence, creditors appointed a majority of directors to the boards of DMFHL and its units while 25% of Del Monte Pacific's equity in DMFHL was transferred to the lenders.
DMFHL newly constituted board entered into a restructuring agreement with a group of lenders. Under the agreement, all or substantially all of the company's assets and its subsidiaries would be sold through Chapter 11 proceedings in the U.S.
As part of the Chapter 11 proceeding, DMFHL and its subsidiaries will have access to approximately $912.5 million in 'debtor in possession' financing to fund their ongoing operations, Del Monte Pacific said.
Del Monte Pacific is among the assets owned by Campos and his siblings, who inherited Unilab, one of the Philippines' largest pharmaceutical companies that was co-founded by their late father, Jose Campos, almost eight decades ago. The Campos family is among the wealthiest in the Philippines with a net worth of $940 million, according to Forbes Asia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
21 minutes ago
- Bloomberg
Traders on Edge as India's Regulator Bars Jane Street
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Investors begin Friday digesting news of Jane Street being temporarily barred from the Indian stock market over allegations of manipulative trades. Nifty futures are trading lower and the curbs on the U.S. trading giant may trigger unease among traders. Weakness across Asian markets on renewed concerns over higher US tariffs may further dampen sentiment.
Yahoo
27 minutes ago
- Yahoo
Tencent Cloud Newsletter Featuring Gartner Research: Data+AI Enabled NextGen Data Intelligence Platform
HONG KONG, July 4, 2025 /PRNewswire/ -- On June 28, Tencent Cloud released a newsletter titled Data + AI: Build NextGen Data Intelligence Platform featuring Gartner® research, analyzing the pain points enterprises face in the era of generative AI. It also provides a comprehensive overview of Tencent Cloud's Data + AI product matrix which offers integrated solutions to help enterprises tackle these challenges. The newsletter points out that in the AI era, the focus of corporate competition is shifting from "model competition" to "competition for high-value data assets" as data quality has often become the core bottleneck in AI development. Enterprises urgently need to build systematic data engineering capabilities to unlock the potential of AI through continuous data iteration and optimization, rather than frequent model adjustments. The newsletter also cites how traditional data platforms face significant challenges in meeting the demands of generative AI. The challenges include large amounts of unstructured data lying dormant, disconnections between data and AI development leading to long deployment cycles, batch processing struggling to deliver real-time responses, inconsistent data standards across departments causing governance challenges and compliance risks, and business personnel highly dependent on IT for data access, resulting in slow responses. Gartner research shows that organizations deploying retrieval-augmented generation (RAG) pipelines for their generative AI applications need access to unstructured data, which constitutes 70% to 90% of the data in organizations today[1]. By 2027, the IT spending focused on multistructured data management will account for 40% of total IT spending on data management technologies and services.[2] To address these challenges, the newsletter proposes that enterprises need to build a Data + AI integrated platform. The key capabilities of such a platform include the composability of data and AI technologies, end-to-end lifecycle development from data to AI and business integration, processing and enhancement of multimodal data, and unified metadata-driven governance and compliance. Among them, the composability of data and AI technologies has become a core capability. LLMs undergo generational upgrades every 3 to 5 months, and technologies such as vector search and lakehouse architectures are advancing rapidly. In this context, enterprises need to build a "pluggable" architecture. Meanwhile, the end-to-end lifecycle from Data to AI management has become a standard practice, involving data processing, model construction, and business integration. For example, in the financial industry, real-time data pipelines are used to integrate multi-source data, enabling rapid iteration of risk models and reducing the compliance response time from months to hours. Multimodal data processing capabilities define the upper limit of value. AI applications need to integrate structured and unstructured data to transform diverse types of data, such as text, images, and videos, into "intelligent fuel." For example, retail companies can integrate online and offline multimodal data to create 360-degree customer profiles, driving a more than 30% increase in precision marketing efficiency. In addition, the introduction of Agentic Analytics enables intelligent automated decision-making. For example, AI agents are used to identify and repair faulty data and dynamically track data lineage. Tencent Cloud is committed to building efficient and intelligent enterprise-level infrastructure for enterprises through the deep integration of data and AI technologies. The Data + AI capacity of Tencent Cloud takes data management as its core and integrates products and services such as AI computing power, data storage and analysis, data governance, security management, AI model training, and real-time decision-making. It provides an end-to-end solution from data ingestion to intelligent applications. According to the 2024 Gartner Data and Analytics Governance Survey, almost half of the respondents identify "difficulty in standardizing data across different departments/BUs" as among their organizations' top D&A governance-related challenges.[3] In practical implementation, Tencent Cloud WeData one-stop intelligent data platform enables enterprises to seamlessly manage the entire data-to-AI lifecycle. At the data layer, DataOps ensures real-time integration of multi-source data and automated data pipelining, while built-in intelligent quality monitoring intercepts abnormal data. This is combined with a unified semantic layer that consolidates enterprise-level metrics and data models. At the AI layer, MLOps integrates with popular machine learning frameworks to support the automation of key processes, from feature engineering and model training to online inference. Building on a unified data development experience, Tencent Cloud's ChatBI and data analysis agent significantly lower the barriers to data applications. Business personnel can automatically generate visual reports through simple conversations, increasing demand response speed by 10 times. Tencent Cloud WeData Agent, powered by LLMs, proactively executes tasks such as automatically fixing data pipeline issues and predicting storage bottlenecks to allow for early scaling, showcasing the practical value of agent-driven analytics. In the future, the Data + AI platform will evolve toward natural language interaction, AI-driven automated optimization, and deep integration with generative AI. Gartner forecasts that by 2028, 80% of GenAI business applications will be developed on organizations' existing data management platforms, reducing implementation complexity and time to delivery by 50%.[4] GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. About Tencent Cloud: Tencent Cloud, one of the world's leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation. [1]Gartner Inc., Develop Unstructured Data Management Capabilities to Support GenAI-Ready Data，G00821728, Sharat Menon, Radu Miclaus [2]Gartner Inc., Emerging Tech: Data Fabrics with Multimodal Data Focus for Generative AI-Enabled Applications，G00818141, Radu Miclaus, Sharat Menon [3]Gartner Inc., Market Guide for Agentic Analytics，G00824122, Anirudh Ganeshan, Souparna Palit, [4]Data Management Is the Sole Differentiator in a Commoditized and Multipolar LLM World, G00828308, By Xingyu Gu, Mark Beyer, View original content to download multimedia: SOURCE Tencent Cloud Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
42 minutes ago
- Hamilton Spectator
Iconic canned food giant Del Monte Foods files for bankruptcy protection. What does it mean for Canadian shoppers?
One of the largest producers of canned fruit and vegetables in the United States filed for bankruptcy protection — but plans to continue operations during a court-supervised sale process. Del Monte Foods announced July 1 it initiated voluntary Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of New Jersey. A news release from Del Monte Foods Corporation II Inc. notes the filing impacts the U.S. indirect subsidiaries of Del Monte Pacific Limited, which are not affiliated with certain other Del Monte companies around the world, including Del Monte Canada. 'Certain of the Company's non-U.S. subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual,' Del Monte Foods said in the release. The bankruptcy filing does not impact Del Monte's processed fruit and vegetable business in Canada. A spokesperson for Fresh Del Monte Produce Inc. noted the company is a publicly traded, independent company with no corporate, legal, or operational affiliation with Del Monte Foods Inc., a privately held U.S. company currently involved in litigation with certain debt holders. The two companies operate completely separately, with distinct ownership, leadership, and supply chains, the spokesperson added. 'We remain fully focused on delivering the high-quality Del Monte branded fresh produce that our partners and consumers expect,' the spokesperson said in an emailed statement. Del Monte's U.S. business has secured $912.5 million (U.S.) in debtor-in-possession financing to sustain ongoing operations, the company said. Del Monte Foods added the company 'intends to continue serving customers with high-quality food products on an uninterrupted basis.' Del Monte Foods has entered into a restructuring support agreement with a group of lenders. The agreement contemplates a 'going-concern' sale process for all or substantially all of the company's assets — with support from lenders — aimed at maximizing value for stakeholders. In the release, Greg Longstreet, president and CEO of Del Monte Foods, called the Chapter 11 filing 'a strategic step forward for Del Monte.' '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,' Longstreet added. Del Monte, founded in 1886 , has vowed to continue operating. Longstreet noted in the release, '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.' One major headwind for Del Monte moving forward... Consumers are shifting toward fresher and healthier options, reducing sales of traditional canned products. They need to pivot and fast. Sylvain Charlebois, senior director for the Agri-Food Analytics Lab at Dalhousie University, said the food company may need to pivot toward fresher, healthier foods. 'One major headwind for Del Monte moving forward … Consumers are shifting toward fresher and healthier options, reducing sales of traditional canned products,' Charlebois said on X . Metroland has reached out to Del Monte Canada for comment. This story will be updated once we receive a response. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
