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The regulator sought clarification after Del Monte reported a $589.9 million net capital deficit, $787.2 million in net current liabilities and a cash balance of just $8 million as of April 30.
Del Monte Pacific is the dual-listed food and beverage company behind Del Monte-branded canned fruits, juices, tomato sauce, spaghetti sauce and other packaged food products in the Philippines.
Its shares (DMPL) last traded at P4.20 each, up nearly 44 percent over the past 12 months.
Healthy PH operations
The company said its financial position reflects its capital structure rather than deterioration in its underlying business, pointing to the continued profitability of its Philippine operations.
The Philippine unit generated $153.6 million in operating profit and $103.1 million in net profit during the fiscal year, up 43 percent and 37 percent, respectively, from a year earlier.
Debt restructuring underway
Del Monte also noted that $452.7 million of its outstanding borrowings are revolving credit facilities that have historically been renewed as part of its normal working capital requirements.
The company said it is finalizing an integrated financial restructuring plan with the help of an external adviser to progressively restructure its financial obligations.
Only one of its principal banking counterparties has formally extended covenant waivers through September 2027, while discussions with its other major lenders continue ahead of waivers expiring around September 2026.
Del Monte said none of its banks or other key financial counterparties has issued formal notices demanding early repayment or taken enforcement action while negotiations remain ongoing.
—Edited by Miguel R. Camus
