• Del Monte Foods has filed for Chapter 11 bankruptcy and seeks a buyer.
• The company is receiving $912.5 million in financing to support ongoing operations.
• Del Monte aims to restructure and shed old debts as consumer preferences shift.
• Recent plant closures and layoffs are part of the restructuring process.
• The bankruptcy filing includes liabilities between $1 billion and $10 billion.

Del Monte Foods, a nearly 140-year-old canned food company based in Walnut Creek, California, has officially filed for Chapter 11 bankruptcy, seeking a buyer as part of a strategy to restructure its operations. President and CEO Greg Longstreet emphasized that a "court-supervised sale process" is essential for "accelerating our turnaround" and striving for a stronger future for Del Monte Foods, according to CBS News, Business Insider, and SFGATE.

To facilitate its operations during this transition, Del Monte has secured $912.5 million from its lenders to maintain normal business activities, including its current packing season. The company reported liabilities ranging from $1 billion to $10 billion, with debts owed to over 10,000 creditors. Recent challenges, such as shifting consumer preferences away from canned goods, have intensified financial pressures on the company, according to CBS News and Business Insider.

The bankruptcy follows a series of plant closures and layoffs, including a significant downsizing that affected operations in Yakima, Washington. Longstreet assured stakeholders of the company's commitment to its mission, stating, "Del Monte Foods has nourished families for nearly 140 years," as the company seeks to adapt in a challenging economic landscape, according to SFGATE.