Reported 2 days ago
Del Monte Foods has filed for Chapter 11 bankruptcy in the United States, initiating a search for a buyer while securing $912.5 million in financing to maintain operations throughout the process. The company, known for its canned goods and other food brands, estimates its assets and liabilities between $1 billion and $10 billion, with a significant number of creditors involved. CEO Greg Longstreet stated that this strategic move is aimed at expediting the company's turnaround.
Source: YAHOO