Del Monte Foods, known for its iconic green cans, filed for Chapter 11 bankruptcy this week to stay on store shelves and restructure its business.
President and CEO Greg Longstreet called it a strategic move to shed debt and find a buyer for key assets. It has listed liabilities worth between $1 billion and $10 billion, according to court documents.
The 138-year-old company has also secured $912.5 million in financing to support operations during the process.
Despite economic challenges, Del Monte plans to continue delivering nutritious, affordable food.
Known for its green-labeled canned vegetables, Del Monte also owns College Inn broth and Joyba tea. It plans to keep stores stocked and preserve jobs while undergoing a court-supervised sale to stabilize its future.