Del Monte Foods files for bankruptcy

Del Monte Foods, a nearly 140-year-old company that offers a variety of canned vegetables and fruits, has filed for Chapter 11 bankruptcy.

Facing secured debt of around $1.2 billion, the California-based company intends to enter a restructuring agreement with lenders. Through that process, Del Monte will sell "substantially all” of its assets, officials say.

"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 enduring Del Monte Foods," said company CEO Greg Longstreet.

Read more from The New York Times.