139-year-old canned fruit company Del Monte Foods filed for Chapter 11 bankruptcy in New Jersey. The company listed liabilities between $1 billion and $10 billion.
The decision to file for bankruptcy was made after careful consideration. A court-supervised sale process is seen as a way to accelerate their turnaround.
Del Monte Foods secured $912.5 million in new funding to continue operations. The company aims for an improved capital structure and financial position with new ownership.
The shift in consumer preferences away from canned food has impacted Del Monte Foods. The company, once a market leader, faces challenges amidst changing consumer demands.