Del Monte Foods Files for Chapter 11 Bankruptcy

DOVER, DE – Del Monte Foods Corporation II Inc. filed for Chapter 11 bankruptcy on July 1, citing plans to sell the company and restructure its debt while continuing operations, including at its distribution center and processing facilities in Rochelle. The company secured $912.5 million in debtor-in-possession financing, including $165 million in new funding, to maintain operations during the process. The filing, which includes 17 affiliated debtors, is being handled in the U.S. Bankruptcy Court for the District of New Jersey, with initial hearings beginning today. Del Monte said customer orders, vendor payments, and food production will continue without interruption. The company, which partners with hundreds of U.S. and Mexican farms, reported working with over 500 family farms last year to distribute more than 517,000 tons of vegetables.