New Delhi, July 2 -- The US chapter of canned food company Del Monte Foods filed for Chapter 11 bankruptcy proceedings in New Jersey on Tuesday under an agreement with some of its key lenders, the company said on July 1.

The company entered a restructuring support agreement with lenders following which, it started voluntary Chapter 11 proceedings to implement its terms, Del Monte said in a statement.

The canned food company has secured $912.5 million in financing to support itself through the proceedings, it added. Del Monte further said that it intends to keep its operations running during the bankruptcy proceedings.

But why did Del Monte, a 135-year-old company file for bankruptcy? Here are the possible reasons.

Del Monte Foods exec...