Del Monte Foodsmanufactures brands such as Contadina, Del Monte, College Inn, and Take Root Organics, and is filing for bankruptcy and trying to sell the company as part of it. Turnaround Strategy.
Del Monte Foods has secured $912.5 million in new funding. This, combined with cash from ongoing operations, is expected to provide sufficient liquidity during the sales process.
“This is a strategic step for Del Monte Foods. After a thorough assessment of all available options, we decided that the court’s supervisory sales process was the most effective way to accelerate turnarounds and create a stronger and lasting Del Monte Foods.
He said the improved capital structure and financial position, along with new ownership, will better position the company for long-term success. Longstreet cited challenges escalating by the dynamic macroeconomic environment as part of the company’s struggle.
Tupperware has also agreed to sell during bankruptcy
