Del Monte Foods Files for Bankruptcy in New Jersey

Del Monte Foods entered a restructuring support agreement (RSA) with lenders and started voluntary Chapter 11 proceedings to implement its terms, according to a company statement.

• The company has secured a commitment for $912.5 million in debtor-in-possession financing, inclusive of $165 million in new funding, from certain of its existing lenders.
• RSA contemplates the company undertaking a going-concern sale process for all or substantially all of its assets
• Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund the co. ongoing operations in the ordinary course
• Co. intends to continue serving ...