Simpson Thacher is representing JPMorgan Chase Bank, N.A. ("JPMorgan") in its capacity as Prepetition ABL Agent and DIP Agent in connection with the Chapter 11 Bankruptcy of Del Monte Foods, Inc. (“Del Monte”). Del Monte and its affiliated debtors filed voluntary petitions for relief before the United States Bankruptcy Court for the District of New Jersey on July 1.
JPMorgan, on behalf of the ABL Lenders, negotiated to provide DIP financing consisting of a $500 million senior secured superpriority revolving debtor-in-possession ABL credit facility to fund the chapter 11 cases. The DIP facility includes new money commitments and a repayment and refinancing of prepetition ABL obligations through a rollup during the chapter 11 cases.
Del Monte is a leading producer, distributor and marketer of plant-based packaged food products. Founded in 1886, Del Monte currently has more than 2,700 employees and operates four plants across the United States and Mexico.
The Simpson Thacher team includes: Sandy Qusba, Nick Baker, Dov Gottlieb, Zachary Weiner, Logan Fairbourn, and Samrat Basani (Restructuring); Jessica Tuchinsky, Leah Nudelman Tendler, Dennis Durkin, Avi Tennenberg, and Colin Manchester (Credit).