Del Monte Foods Files for Chapter 11 Bankruptcy

Del Monte Meals, a maker of fashionable canned meals merchandise, entered into Chapter 11 chapter proceedings.The submitting was made in a New Jersey chapter courtroom Tuesday, with Del Monte indicating that, because it addresses its monetary challenges, it might pursue a court-supervised sale of some or all of its property.“After an intensive analysis of all accessible choices, we decided {that a} court-supervised sale course of is the simplest option to speed up our turnaround and create a stronger and enduring Del Monte Meals,” president and CEO Greg Longstreet mentioned in an announcement.Because it undergoes chapter proceedings, the meals firm secured $912.5 million in financing, enabling it to proceed its operations.The Walnut Creek, Calif.-based firm was based in 1886, and its merchandise have been staples in households worldwide for a few years. A few of its merchandise exterior of the Del Monte fruit and vegetable model embody Kitchen Fundamentals, Joyba, S&W Wonderful Meals (acquired in 2001), School Inn, and Fast ‘n Straightforward.In 2011, an investor group led by funds affiliated with Kohlberg Kravis Roberts acquired Del Monte for almost $5.3 billion, placing the corporate below non-public possession.