Del Monte Foods Corp. II urged a bankruptcy court to approve pending asset sales worth more than $500 million and sanction a global settlement with lenders and unsecured creditors that clears the way for a company wind-down.
Del Monte concluded a two-day hearing Thursday in the US Bankruptcy Court for the District of New Jersey, arguing that its business segment sales and Chapter 11 settlement pass legal muster and are in the best interests of creditors, countering a challenge raised by a small group of lenders to the canned fruit and vegetable company.
Judge Michael B. Kaplan said he would ...