Del Monte Foods Receives Court Approval for Asset Sales

Del Monte Foods Corporation II announced that it has received Court approval for three asset purchase agreements for substantially all of its assets and business operations as going-concern businesses. The Sale Transactions are: The sale to Fresh Del Monte Produce (FDP) of the company's vegetable, tomato, and refrigerated fruit business assets, including Del Monte and S&W packaged vegetable brands, Del Monte, Contadina, and Take Root Organics packaged tomato brands, Del Monte refrigerated fruit brand, and the JOYBA beverage brand, together with global ownership of the Del Monte brand and related intellectual property, subject to existing licensing arrangements; The sale to B&G Foods (BGS) of all assets in the broth & stock business segment, including College Inn and Kitchen Basics brands; and The sale to Pacific Coast Producers of the shelf-stable fruit business assets, including the rights and licenses to use the Del Monte and S&W brands for shelf-stable packaged ambient fruit and ambient fruit sauces, in the United States (including Puerto Rico) and Mexico. The Sale Transactions are expected to close in the first quarter and are subject to customary closing conditions.