Beloved 139-year-old fruit and vegetable company in bankruptcy

Del Monte Foods, one of the oldest food companies in the U.S. remains under Chapter 11 bankruptcy protection as it continues to seek a buyer. The company, known for selling canned fruits and vegetables, has been in business for 139 years but says financial liabilities have put a strain on its financials.

Along with the Del Monte brand, the company also owns several other food brands, such as Contadina, Joyba and College Inn.

“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,” said President and CEO Greg Longstreet in a statement issued in July.

“With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success,” Longstreet said.

As part of the court-supervised restructuring, Del Monte is seeking a buyer for all of its assets.

As part of the proceedings, Del Monte secured a commitment of $912.5 million in new funding that is being used to keep the company running. Del Monte operations continued running as usual over the last few months as it was in the middle of packing season for its products.

Longstreet said the company has faced several issues recently as customer demand has shifted.

“While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years, and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders for their support in helping us achieve our long-term goals.”

Del Monte has not issued a public update on the proceedings, but a warning regarding the Chapter 11 process remains at the top of its website.