Tinned food brand Del Monte files for bankruptcy and is looking for a buyer
The company announced yesterday that it is entering voluntary chapter 11 bankruptcy and will begin the sale of its assets while it searches for a new owner.
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Del Monte, a 138-year-old brand, is widely known for its tinned fruit and vegetable products.
It said yesterday that it has secured €773m in funding that will allow the company to operate through the sale process.
CNN reports
its liabilities have been listed as between €800m and €8bn, according to court documents.
'With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,' Greg Longstreet, President and CEO, said before thanking the company's employees, growers and customers.
The California company's non-American subsidiaries are also included in the bankruptcy filings, but will continue to operate as normal alongside the rest of the firm.
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