Del Monte Foods, the 139-year-old food industry stalwart known for its canned fruits, vegetables, broths, and beverages, has filed for Chapter 11 bankruptcy in the United States as it begins a court-supervised sale process aimed at reshaping its future. The move comes amid growing financial challenges and a shifting consumer landscape.

The company, which operates beloved brands such as Del Monte, College Inn, and Joyba tea, announced it has secured $912.5 million in financing to sustain operations throughout the bankruptcy proceedings. Despite the filing, Del Monte Foods emphasized its commitment to maintaining regular business operations, assuring consumers and partners that products will remain available on shelves during the transition.

According to documents submitted to a New Jersey bankruptcy court, Del Monte listed its estimated assets and liabilities in the range of $1 billion to $10 billion. The filing also revealed the company has between 10,000 and 25,000 creditors.

CEO Greg Longstreet described the move as a “strategic step forward,” stating, “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 enduring Del Monte Foods.”

Importantly, the company clarified that certain international subsidiaries outside the U.S. are not part of the Chapter 11 proceedings and will continue to operate without interruption.