Del Monte Foods files for bankruptcy after board blocks settlement

Lenders acquired 25% of Del Monte Pacific Limited’s equity stake.

Singapore-listed Del Monte Foods has filed for bankruptcy, following a board decision not to contribute to its new term facility litigation settlement.

As a result, lenders appointed a majority of directors to DMFHL’s board and acquired 25% of Del Monte Pacific Limited’s (DMPL) equity stake in the company.

In accordance with IFRS 10 accounting standards, DMPL will deconsolidate DMFHL and remove its assets and liabilities from its financial statements.

The company will reassess the fair value of its remaining interest in DMFHL and any related receivables, with updates to be provided after the audit.

As of 31 January 2025, DMPL reported a net investment of $737.04m (US$579m) in DMFHL, and a net receivable of $215.13m US$169m) from DMFHL and its subsidiaries, including Del Monte Foods, Inc.

Despite the US development, Del Monte Philippines Inc. (DMPI)—which handles the group's Asia and international businesses—continues to perform strongly, supported by steady consumer demand and a stable supply chain, it said in a bourse filing.

DMPL has also submitted a written confirmation to the Singapore Exchange stating it is unaware of any undisclosed material information that could impact investor decisions.

The company had earlier received SGX’s approval for an extension to release its fiscal year 2025 financial results, annual report, and sustainability report, and to convene its annual general meeting.

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