Del Monte Foods, one of the country’s largest producers of canned fruits and vegetables, filed for bankruptcy and is pursuing a sale.
The company, which has a distribution center in Houston, announced Tuesday it filed for bankruptcy protection, securing $912.5 million in debtor-in-possession financing, which, alongside money from ongoing operations, will support the company during the sale process.
“This is a strategic step forward for Del Monte Foods. 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 food, said in a statement…