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Del Monte Foods, producer of canned fruits and vegetables, initiatied Chapter 11 proceedings on Monday and is seeking a buyer.

Del Monte Foods, recognizable by its iconic green cans, filed for Chapter 11 bankruptcy this week in what President and CEO Greg Longstreet said was a "strategic move" for the 138-year-old company.

Del Monte Foods, a legendary provider of canned fruits and vegetables, has filed for bankruptcy and will scout for a buyer.

Del Monte Foods kicked off efforts to pursue a sale as it filed for Chapter 11 bankruptcy proceedings in the US on Tuesday under an agreement with certain key lenders, the company said in a statement.

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Canned food company Del Monte Foods is the latest business to file for bankruptcy.

The US subsidiary of Singapore and Philippine-listed Del Monte Pacific Ltd. has filed a voluntary Chapter 11 bankruptcy process in a bid to restructure the company financially and operationally.

The food processing company Del Monte Foods has filed for bankruptcy and is looking for a buyer.