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Uber Freight, listed as an unsecured creditor of Del Monte in its submitting, responded to the information with an announcement from an organization consultant.
“Del Monte has been a valued buyer of Uber Freight for a few years. We’re proud to serve a vital position to Del Monte’s enterprise and stay dedicated to supporting them by way of this court-supervised restructuring course of. Whereas the submitting contains pre-petition balances, we’re assured these obligations will probably be addressed appropriately by way of the chapter course of. As a vital vendor of Del Monte, we’re assured we’ll obtain full cost for providers rendered, and we stay centered on delivering uninterrupted assist as a trusted, long-term logistics companion.”
Authentic Story:
Del Monte Meals Company has filed for Chapter 11 chapter, itemizing greater than $1 billion in liabilities and over 10,000 collectors. The case, filed within the U.S. District of New Jersey, ranks among the many largest meals shipper bankruptcies in recent times, given the corporate’s nationwide footprint and model portfolio.
Del Monte Meals reported $1.7 billion in U.S. income for fiscal 12 months 2024. Its model portfolio contains family names equivalent to Del Monte canned vegatables and fruits, Contadina tomato merchandise, Faculty Inn broths, Joyba bubble tea, Kitchen Fundamentals shares, and S&W beans. These merchandise are offered nationally by way of grocery, mass retail, and membership channels.
Uber Freight (listed as Transplace, an organization that Uber Freight acquired, within the submitting) was listed because the second-largest unsecured creditor, owed over $9 million for managed transportation and freight brokerage providers. Saddle Creek Logistics is owed $1.3 million for warehousing assist, whereas CHEP USA has $470,000 in publicity tied to pooled pallet providers.
Underneath Chapter 11, these pre-bankruptcy quantities are categorised as unsecured claims, inserting them behind secured lenders and administrative bills in reimbursement precedence. There isn’t a assure of full restoration, and outcomes usually depend upon asset gross sales or court-approved reorganization plans.
Whereas pre-petition balances stay in danger, logistics suppliers might be able to negotiate reimbursement for providers rendered after the submitting. These post-petition providers—equivalent to transportation, warehousing, or pallet pooling—could also be granted administrative expense precedence if authorized by the court docket and funded underneath Del Monte’s debtor-in-possession (DIP) price range.
