Insider Spotlight
At the same time, however, the Campos-led firm asked the bourse to lift the trading suspension, saying that the finances of its troubled US unit have been “deconsolidated” from its financial accounts nearly five months ago.
As such, Del Monte said the consolidated financial statements of its continuing operations are “unaffected and remain reliable”.
Why it matters
The suspension underscores investor unease about the group’s US operations, which entered Chapter 11 proceedings. Unlike the earlier reported P40-billion collapse, the company stressed that its books already reflected a full impairment of its investment in Del Monte Foods Holdings Ltd.
The details
In a disclosure, DMPL said the disclaimer related only to the carrying values of assets and liabilities of its US subsidiary, which have been classified as “assets held for disposal” and presented as “discontinued operations.”
Auditors said they could not obtain enough evidence to confirm recoverable values given the bankruptcy process.
What Del Monte says
The company argued that the suspension should be reconsidered:
Between the lines
The clarification marks a shift from yesterday’s headlines, which emphasized the size of the U.S. write-down and the auditors’ refusal to sign off. Today’s filing narrows the problem to discontinued operations, underscoring that DMPL’s ongoing business in Asia remains intact.
What’s next
DMPL has filed a waiver request with the PSE to lift the suspension. The exchange has yet to respond.
