Tag: Del Monte

United States – Del Monte Foods in the United States has filed for Chapter 11 bankruptcy protection as part of a plan to restructure its balance sheet and pursue a sale of its business.

The company and some of its affiliates commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of New Jersey. The filing is intended to enable a court-supervised sale process aimed at securing the highest or best offer for all or substantially all of its assets.

Del Monte Foods said it has reached a restructuring support agreement (RSA) with a group of lenders holding some of its term loan debt. Under the RSA, the lenders have agreed to support a going-concern sale process that aims to maximize value for stakeholders.

“This is a strategic step forward for Del Monte Foods,” said president and CEO Greg Longstreet 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 enduring Del Monte Foods.”

To maintain operations through the process, the company has secured US$912.5 million in debtor-in-possession (DIP) financing from certain existing lenders, pending court approval. That amount includes US$165 million in new funding and is expected to provide sufficient liquidity to support day-to-day operations, including the ongoing pack season.

While acknowledging recent challenges “intensified by a dynamic macroeconomic environment,” Longstreet emphasized the company’s long history of providing nutritious food and thanked employees, growers, customers, vendors, and lenders for their support.

Del Monte Foods has also filed customary first-day motions seeking court approval to continue operations without disruption. The company said its non-US subsidiaries are not included in the Chapter 11 proceedings and will continue to operate normally.

Following this news, Del Monte Pacific disclosed it no longer has control over the US subsidiary following a lender dispute earlier this year.

In a stock exchange filing at PSEi, DMPL noted that in May 2025 its board decided not to provide a monetary contribution requested by Del Monte Foods Holding Limited’s (DMFHL) New Term Facility lenders to settle litigation. That decision allowed the lenders to appoint a majority of directors to the boards of DMFHL and its subsidiaries, resulting in the transfer of 25% of DMPL’s equity in DMFHL to the lender group.

Under International Financial Reporting Standards, DMPL will be required to deconsolidate the US business from its financial statements, recognizing any retained interest at fair value and recording a gain or loss on the loss of control. The company said it is still assessing the full financial impact of that deconsolidation, but noted its net investment value in DMFHL was US$579 million as of 31 January 2025, with additional net receivables of US$169 million. The value to be impaired will be determined following the group’s audit.

Despite the challenges in its US operations, DMPL highlighted that its Asian and international subsidiary, Del Monte Philippines Inc. (DMPI), continues to perform well thanks to resilient consumer demand and a stable supply chain. The company said it remains confident in its ability to maintain uninterrupted operations in those markets.

DMPL also reminded investors to exercise caution in trading its shares, given ongoing uncertainties, and pledged to make further announcements as required under listing rules in Singapore and the Philippines.

India – Del Monte has partnered with marketing agency YAAP to debut its new campaign, ‘The King of All Chocolate Flavoured Syrups,’ celebrating the rich, indulgent taste of its signature chocolate syrup and positioning it as the ultimate choice for chocolate lovers.

Del Monte’s campaign highlights the syrup’s standout features, including 40% more cocoa, which enhances its rich taste and velvety texture. It brings to life the idea of chocolate syrup that reigns supreme, showcasing its versatility as the perfect addition to milkshakes, pancakes, and desserts.

The campaign combines nostalgic visuals and indulgent storytelling to resonate with families and individuals looking to elevate their meals. By showcasing the syrup through the eyes of those who experience it, the campaign positions the product not just as a treat but as the centrepiece of cherished moments.

Anshu Anand, CMO at Del Monte, shared, “At Del Monte, we’ve always believed in staying tuned to consumer needs and delivering products that raise the bar. The chocolate syrup category has long been a familiar space, but as we understood, the demand existed for a more thicker, tastier chocolate syrup that Del Monte could offer.” 

“With this campaign, we’re not just highlighting our product’s superior qualities; we’re making a statement about how we shine in the existing market that is challenging with other dominating brands in the market. It was the right moment to bring this message to life, and we’re thrilled with how it aligns with our legacy of quality and creativity,” Anand added. 

Kiranpreet Kaur, DGM marketing at Del Monte, also said, “The concept of ‘The King of All Chocolate Flavoured Syrups’ emerged from a deep understanding of what today’s consumers value—excellence that stands out. The team briefing was anchored on one key idea: celebrating the product’s unparalleled richness and superiority. The campaign’s regal communication reflects this thought. From strategy to execution, we aimed to craft a narrative that showcases how our chocolate syrup isn’t just a treat; it’s the reigning choice for families seeking indulgence in every bite.”

Conceptualised by YAAP and directed by Vivek Dubey, Del Monte’s campaign combines captivating visuals with relatable storytelling, focusing not just on the product but on the magic it brings to people’s lives. The narrative highlights the syrup’s indulgent appeal, capturing the joy and admiration it inspires and showcasing how families treat it like the king it truly is.

Manan, partner at YAAP, remarked, “The product is already a favourite among kids and adults alike, so we wanted the campaign to reflect its universal appeal while standing out in a crowded market. Del Monte’s commitment to quality and innovation gave us the confidence to push boundaries and create something truly unique. This campaign celebrates not just the richness of the syrup but the joy and indulgence it brings to families, a perfect alignment with Del Monte’s ethos.”

Building on this, Karan Arora, revenue head at YAAP, continued, “Working with Del Monte over the years has been a masterclass in quality and innovation. The collaboration between YAAP and Del Monte has been incredibly rewarding, driven by a shared passion for delivering excellence. The chocolate syrup is a prime example of Del Monte’s dedication to creating products that evoke both delight and nostalgia.” 

“For us, this campaign was about celebrating the role Del Monte plays in enriching everyday lives. From ideation to execution, it’s been a journey of storytelling that captures both flavour and emotion,” Arora added. 

The campaign is now live across theatres, YouTube, and social media. To engage chocolate enthusiasts further, Del Monte invites consumers to share their creative recipes and memorable moments.