USA: Fresh Del Monte Foods Files for Bankruptcy and Plans Asset Selloff  

US canned fruit and vegetable company Del Monte Foods has announced it has filed for Chapter 11 bankruptcy protection in the District of New Jersey. The company plans to sell all or most of its assets through a court-supervised restructuring process. 

The filing casts uncertainty over supply chains for core processed produce items such as peaches, pears, pineapple, sweetcorn, green beans, and tomatoes. While Del Monte Foods says it will maintain operations, any disruption or sale could affect grower contracts, procurement strategies, or pricing in the US processed produce sector. 

Red Lobster Has A New Owner In Fortress Credit Corp.

Say hello to Red Lobster’s new owner: RL Purchaser, a stalking horse bidder composed of Red Lobster lenders and controlled by Fortress Credit Corp.

The fate of seafood restaurant chain Red Lobster has been hanging in the balance since Thai Union announced late last year that it would be exiting its minority investment in the restaurant. Financially struggling due to losses related to COVID, and then the Ultimate Endless Shrimp promotion, Red Lobster ended up shuttering locations before filing for Chapter 11 bankruptcy protection this...

Red Lobster Bankruptcy: Latest Court Docs Reveal New $3.7 Million Claim From Thai Union

According to recent court documents filed by Thai Union in Red Lobster’s chapter 11 bankruptcy case, the seafood restaurant chain owes them approximately $3.7 million.

Red Lobster voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the US. Bankruptcy Court for the Middle District of Florida this past May. The news came shortly after the chain abruptly closed a staggering amount of restaurants and engaged in a public liquidation of select restaurants. 

Since filing for bankruptcy, Red Lobster has...