Del Monte Foods files for bankruptcy and will search for buyer
CBSN
Del Monte Foods, whose canned vegetables and fruit have long been a staple on grocery store shelves, announced Monday that it has filed for bankruptcy and will seek a buyer.
The nearly 140-year-old company is entering Chapter 11 proceedings as part of a restructuring support agreement (RSA) with its lenders.
"After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods," Greg Longstreet, president and CEO of Del Monte Foods, said in a statement.
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