(iStock)
By:
Team of Hukumindo
Previously, the www.hukumindo.com platform has talk about "Bolivia is Struggling With a Risk of Defaulting On Its Foreign Debts", "Step-by-Step Guide How to Set Up a Company in Indonesia as a Foreigner", you may read also "Legally, Islands in Indonesian Territory Cannot Be Bought or Sold" and on this occasion we will discuss about 'Del Monte Files for US Bankruptcy'.
Canned fruit company Del Monte Foods is pursuing a sale as it filed for bankruptcy in the United States. This company entered a restructuring support agreement with lenders and started voluntary Chapter 11 proceedings to implement its terms, it said on July 1. A filing with the United States Bankruptcy Court for the District of New Jersey states that Del Monte Foods has both liabilities and assets estimated between US$1 billion and US$10 billion.[1]
The company secured a commitment for US$912.5 million (S$1.16 billion) in debtor-in-possession financing, inclusive of US$165 million in new funding, from certain existing lenders. The development ends a challenging year for the borrower that saw its parent Del Monte Pacific in June elect to skip a payment to the unit’s lenders as part of a lawsuit settlement tied to a controversial debt restructuring. Del Monte Foods said in its statement that the restructuring support agreement contemplates the company undertaking a going-concern sale process for all or substantially all of its assets. Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund ongoing operations, as it intends to keep serving customers, according to the statement.[2] And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you.
*) For further information please contact:
Mahmud Kusuma Advocate
Law Office
Jakarta - Indonesia.
E-mail: mahmudkusuma22@gmail.com
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References:
1. "Del Monte Foods, owned by Singapore-listed Del Monte Pacific, files for US bankruptcy", www.straitstimes.com, 2 Juli 2025, Diakses pada tanggal 3 Juli 2025, Link: https://www.straitstimes.com/business/companies-markets/del-monte-foods-owned-by-singapore-listed-del-monte-pacific-files-for-us-bankruptcy
2. Ibid.