Del Monte Foods to Sell Assets in Bankruptcy for $509 Million

Del Monte Foods Corp. II secured three winning bids worth about $509 million combined for nearly all of its assets across three business segments.

The canned food company is seeking approval to sell a large portion of its business to three separate buyers, but remaining assets are in an ongoing sale process, Del Monte said in a Thursday filing in the US Bankruptcy Court for the District of New Jersey.

Del Monte Fresh Produce Co. agreed to purchase a multi-business segment of the company for $285 million in cash as well as closing restricted cash, plus a $10 million wind-down ...