Vlasic Foods International, the pickle marketer that also owns Swanson frozen dinners and Open Pit barbecue sauce, sought bankruptcy protection on Monday and reached a deal to sell its pickle and barbecue sauce businesses for $195 million to foodmaker H.J. Heinz Co.
Vlasic, which was spun off by Campbell Soup Co. in 1998, had borrowed about $560 million to pay Campbell as part of the spinoff. But it struggled under weight of the big debt and was unable to make a $10 million interest payment earlier this month.
All of Vlasic Foods' U.S. operating subsidiaries filed voluntary Chapter 11 petitions Monday in bankruptcy court in Delaware. <
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Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
Be truthful. Don't knowingly lie about anyone or anything.
Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
Anyone violating these rules will be issued a warning. After the warning, comment privileges can be revoked.