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SHOCKER! DEL MONTE FOODS GOES BANKRUPT!
Canned Food Giant Files for Chapter 11, Seeks Buyer Amidst CRISIS!
In a jaw-dropping turn of events, Del Monte Foods—your go-to source for canned vegetables and fruits for nearly 140 years—has just filed for bankruptcy! That’s right! This timeless brand announced earlier this week that it’s throwing in the towel and opting for Chapter 11, as it tries to get a grip on its plunging finances.
CEO RINGS THE ALARM! "We Need a COURT-SUPERVISED SALE!”
Greg Longstreet, the fearless president and CEO, made it clear—this bankruptcy is part of a desperate “strategic balance-sheet restructuring.” He insists a court-supervised sale is the best shot at resurrecting the iconic Del Monte Foods and making it stronger than ever!
MASSIVE $912.5 MILLION LIFELINE SECURED!
But wait! There’s a glimmer of hope! Del Monte Foods has landed a staggering $912.5 million from its lenders to keep the wheels turning while searching for a new suitor.
Chapter 11 bankruptcy isn’t all doom and gloom; it allows companies to keep running under existing management while tackling their debts under the watchful eye of the courts.
EARTH-SHATTERING IMPACT FEELS LIKE A TSUNAMI—REACHING SOUTHEAST ASIA!
And this mess isn’t just a local affair! The ramifications are rippling all the way across the Pacific to Southeast Asia! Del Monte’s parent company, Del Monte Pacific, based in the Philippines, has announced it will be cutting ties with its U.S. subsidiary.
In a shocking move, Del Monte Pacific disclosed that it’s withdrawing its support for Del Monte Foods, throwing the company into a whirlpool of uncertainty. Talk about a family feud!
DEBT CRISIS!!! PARENT COMPANY SKIPS PAYMENT!
Just last month, Del Monte Pacific turned its back and skipped a debt payment to Del Monte Foods’ lenders—what a betrayal! Now, those lenders will dominate the board as they scramble to re-structure the embattled subsidiary.
AWFUL VALUATIONS REVEALED!
The cold, hard truth? Del Monte Pacific has slapped an eye-popping $579 million price tag on its investment in Del Monte Foods as of January 31st, 2025. To top it off, a staggering $169 million remains unpaid from their dealings!
Del Monte Pacific, which prides itself as the No. 142 on the Southeast Asia 500 list, managed a mere 0.3% revenue increase last year, barely scraping together $2.43 billion. Guess what? A jaw-dropping 72% of that revenue flowed in from Del Monte Foods!
A RICH HISTORY TURNING SOUR!
Once a proud partnership dating back to 1926, when Del Monte Foods first began its ventures in the Philippines, the drama took a twist in 1996 when it split. They reunited in 2014 when Del Monte Pacific swooped in to buy the Del Monte Corporation’s consumer food division for a staggering $1.68 billion! Talk about a rollercoaster!
THE FORTUNATE FAMILIES WEIGH IN!
Owned by the powerful Campos family—one of the wealthiest clans in the Philippines with a net worth of $940 million—Del Monte Pacific isn’t going down without a fight, but the stakes have never been higher!
Stay tuned as the explosive story of Del Monte’s bankruptcy unfolds!
photo credit: fortune.com
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