Herbert Smith Freehills Kramer advises leading branded foods producer and distributor Del Monte Foods on Strategic Chapter 11 proceedings and sale process

Leading global law firm Herbert Smith Freehills Kramer is advising Del Monte Foods Corporation II Inc. (Del Monte Foods), one of the US's largest producers, distributors and marketers of premium quality, branded food products, on its value-maximizing sale process as part of an overall strategic restructuring, announced this week and filed in US Bankruptcy Court for the District of New Jersey.

Del Monte Foods and certain of its affiliates and subsidiaries commenced voluntary Chapter 11 proceedings and entered into a restructuring support agreement with a group of its lenders holding certain of the Company’s term loan indebtedness.

Del Monte Foods secured a commitment for US$912.5 million in debtor-in-possession financing, inclusive of US$165 million in new funding, from certain of its existing lenders, subject to the Court's approval.

The Herbert Smith Freehills Kramer restructuring team was led by partner and US head of Turnaround and Board Advisory Adam C. Rogoff and partner and US Head of Distressed Investing Rachael Ringer, supported by associates Megan Wasson and Ashland Bernard and members of the US Corporate, Litigation and Finance teams.