Walnut Creek-based Del Monte Foods announced Tuesday it has filed for Chapter 11 bankruptcy protection and is seeking a buyer.
The company and certain affiliates and subsidiaries filed in the U.S. Bankruptcy Court for the District of New Jersey.
The company said it entered into a restructuring support agreement with a group of its lenders holding some of the company’s term loan indebtedness.
“This is a strategic step forward for Del Monte Foods,” said Greg Longstreet, President and CEO of Del Monte Foods, in a statement. “After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and…