Guess the costs for the man from del monte swaggering about the world in the 80s and 90s finally caught up.
this post was submitted on 03 Jul 2025
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I saw a del monte mango sorbet, noticed it was also badged with nestle, decided never to buy any del monte products again either.
What happened here is Del Monte was sold in a leveraged buyout to the son of Ferdinand Marcos's money launderer. When the dictatorship collapsed the guy who was in charge of the shell companies and Swiss bank accounts and keeping track of the shrink wrapped pallets of $100s buried in the jungle just kept it all, and became a private equity fund. (typical private equity origin story)
He bought Del Monte with debt and then transferred all the debt to Del Monte once he owned it, then his creditors who are in on it resold the debt to retail investors and pension funds as AAA recession-proof revenue from a 100 year old canned food company, and now he has Del Monte declare bankruptcy to fuck them.
Any sources for this? It's interesting and I'd like to read more.
Sounds like a great story, is there anywhere to read about it?
Well that is a really concise and well written comment. Take my lemmy gold?
How do you transfer a personal debt to a business and not get in trouble?
Dunno, but Remington did it
I followed most of that.
But how I read it was "Fraud? Sounds like fraud. But the kind that rich people do and won't ever get punished for."
The ol' three card Del Monte
This is a brilliant comment - thanks for the laugh
The market has spoken, stop propping up dying companies with billions of our dollars just to save their executives and shareholders.
Exactly. Let the company die. The factories, machines, workers, and knowledge still exist and should continue working under a new company with new leadership.
Is this what they call a handout? (Genuinely asking, not being snarky...yet)
I would say no.
They secured financing to allow them to continue to do business, but I’d say it’s not a handout/bailout because the government isn’t involved and they got nothing for free here.
The article doesn’t say that, but this one does: https://www.abladvisor.com/news/41019/del-monte-foods-initiates-chapter-11-proceedings-secures-912-5mm-dip-financing
Thanks friend
Fuck Del Monte, good riddance and a long time coming.
I'm sure they'll be bailed out.
Maybe a little coup and a small civil war in a warm country could help them out too!
Edit: I'm mistaking Del Monte for Dole, but still.
"Ah Del Monte! Enjoy them old man, they will be your last."
Burns cigarette through photo