The 138-year-old food manufacturer, best known for its iconic canned fruits and vegetables, said the filing is a strategic step forward that will enable it to pursue a court-supervised sale process to maximize value and strengthen its capital structure. The company emphasized that the bankruptcy process is not expected to disrupt the availability of its products in the market.

Del Monte Foods, a U.S. subsidiary of Singapore-based Del Monte Pacific Ltd., has entered into a restructuring support agreement with a key group of its term loan lenders. According to court filings, the company estimates that its assets and liabilities both fall between $1 billion and $10 billion. It has secured $912.5 million in debtor-in-possession financing, including $165 million in new funding, from existing lenders to ensure continued operations throughout the restructuring. (Related: Corporate America experiencing BANKRUPTCY BOOM as recession looms.)

"This is a strategic step forward for Del Monte Foods. 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 endure Del Monte Foods. With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success," said Greg Longstreet, President and CEO of Del Monte Foods.

Longstreet acknowledged the economic headwinds that have challenged the company but reaffirmed Del Monte's mission of delivering nutritious, accessible food.

"While we have faced challenges intensified by a dynamic macroeconomic environment, Del Monte Foods has nourished families for nearly 140 years and we remain committed to our mission of expanding access to nutritious, great-tasting food for all. I am deeply grateful to our employees, growers, customers and vendors, as well as our lenders, for their support in helping us achieve our long-term goals," Longstreet continued.

The company's brands include Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W, staples in American pantries for decades. Despite recent financial struggles, operations are expected to continue as normal while the company undergoes its restructuring.

For now, Del Monte said it remains fully committed to delivering the same products that have fed American families for generations.