Del Monte Pacific (SGX:D03) has settled a Delaware lawsuit filed by lenders of its US unit Del Monte Foods, retiring debt under a 2022 loan facility and avoiding a board shake-up, according to a Wednesday filing on the Singapore Exchange.
The settlement, reached before a post-trial hearing, adds $20 million in debt via a new loan from existing lenders and raises annual interest costs by about $4 million.
Del Monte must inject funds by May 5 or give lenders board control and implement governance changes.
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