Del Monte Foods is filing for bankruptcy. According to the canned food giant, the company began voluntary chapter eleven proceedings and entered into a restructuring support agreement with a group of its lenders. The company's CEO said "after a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods." Del Monte Foods said it intends to remain open and continue operations throughout the bankruptcy and sale. Among the brands the company owns are College Inn broths and Contadina canned tomatoes. The company is 138 years old.