Canned-Food Producer Del Monte Foods Files for Bankruptcy (1)

Canned fruit company Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring.

The company entered into a lender-backed restructuring support agreement that calls for the food producer to sell its assets in bankruptcy court. Del Monte has lined up financing to fund its Chapter 11 case, giving the firm $165 million in fresh cash in exchange for added protection for hundreds of millions of dollars in existing debt.

The company sought court protection in New Jersey, saying its carrying roughly $1.245 billion in secured debt. Del Monte blamed its Chapter 11 filing on ...