Del Monte Foods, the 138-year-old company, known for is canned items has filed for bankruptcy and is looking for a potential buyer.
On Tuesday, the company announced it was voluntarily entering Chapter 11 and would be going through a sale process for all of its assets.
Among the company's product lines are a number of pantry essentials, including Contadina canned tomatoes and College Inn broths, as well as its flagship Del Monte brand.
President and CEO Greg Longstreet revealed in a statement, "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."
Del Monte said it secured $912.5 million in new funding that will allow the company to remain afloat during the sale process and will keep the company operating as normal as it enters the peak canning season.
According to court documents, the company listed liabilities estimated between $1 billion and $10 billion.
The official statement added, "With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success."
Furthermore, Del Monte also highlighted consumer's preference shift as now, they opt for healthier alternatives rather than "preservative-laden canned food."
Del Monte started in 1886 and built its famous cannery in San Francisco in 1907.
The company claims that it operated the largest fruit and vegetable cannery in the world by 1909.
