Del Monte Foods, a 139-year-old food company, filed for Chapter 11 bankruptcy protection on Tuesday, aiming for a sale. The company secured $912.5 million in financing to continue operations during the proceedings. CEO Greg Longstreet stated this strategic move will accelerate its turnaround. The bankruptcy includes US operations only; non-US subsidiaries remain unaffected. Del Monte's assets and liabilities are estimated between $1 billion and $10 billion, with 10,000-25,000 creditors.

Prepared by Christopher Adams and reviewed by editorial team.