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Investing.com -- Del Monte Foods, a U.S. unit of Singapore-based Del Monte Pacific, has filed for Chapter 11 bankruptcy protection with plans to pursue a sale of its assets.
The foods maker said it has reached a restructuring support agreement with a group of its term-loan debt holders.
This agreement outlines a process for selling all or most of the company’s assets as a going concern.
Del Monte Foods has secured $912.5 million in debtor-in-possession financing, which includes $165 million in new funding from some of its current lenders.
Del Monte Foods added that after the restructuring process, it will be in a better position for long-term success with an improved capital structure, stronger financial position, and new ownership.
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