Del Monte Filed For Bankruptcy

After 135 years of dominating pantry shelves, global food giant Del Monte has filed for bankruptcy for its US business, brought down by crushing debt, shifting consumer tastes, and the relentless rise of fresh, healthy alternatives, according to East Week magazine, sister publication of The Standard.

Del Monte has been a household name, with its canned fruits and vegetables sitting proudly on pantry shelves across America and beyond. The company, which once thrived as a symbol of convenience and modernity, now finds itself struggling to survive in an era where fresh, organic and minimally processed foods reign supreme.

Founded in 1886, Del Monte rose to fame in the post-World War II era, when canned goods were seen as modern, convenient and hygienic. The booming post-war generation embraced its products – including canned pineapples, peaches and tomato sauces – as staples of the kitchen.

By the 1980s, Del Monte had expanded into frozen foods, beverages and condiments, owning popular brands like College Inn broths and Joyba teas.

But as the healthy food revolution took hold in the 1990s, consumers began turning away from high-sodium, high-sugar canned foods, labeling them as over processed and therefore unhealthy. Competition also intensified. Retail giants like Walmart and Costco launched cheaper private-label alternatives, while trendy new brands like Beyond Meat, Oatly, and Chobani captured the hearts of health-conscious shoppers.

Despite attempts to rebrand with organic and sugar-free options, Del Monte couldn’t shake off its outdated canned food image.

After 135 years of dominating pantry shelves, global food giant Del Monte has filed for bankruptcy for its US business, brought down by crushing debt, shifting consumer tastes, and the relentless rise of fresh, healthy alternatives. 

Del Monte has been a household name, with its canned fruits and vegetables sitting proudly on pantry shelves across America and beyond. The company, which once thrived as a symbol of convenience and modernity, now finds itself struggling to survive in an era where fresh, organic and minimally processed foods reign supreme.

Founded in 1886, Del Monte rose to fame in the post-World War II era, when canned goods were seen as modern, convenient and hygienic. The booming post-war generation embraced its products – including canned pineapples, peaches and tomato sauces – as staples of the kitchen.

As competition among retail giants surged, the company’s troubles worsened after Philippines-based Del Monte Pacific (DMPL) acquired the US-based Del Monte Foods in 2014 for US$1.68 billion (HK$13.1 billion), loading it with crushing debt. Rising inflation, supply chain disruptions and steel tariffs further squeezed profits.

By 2024, Del Monte’s US operations were bleeding US$118 million in losses, forcing factory closures and layoffs. Credit agency S&P downgraded its rating to B-, warning of an unsustainable debt load.

Del Monte Foods, the US subsidiary of Singapore-listed DMPL, has filed for chapter 11 bankruptcy protection in New Jersey, signaling the beginning of a painful restructuring that may include asset sales and drastic cost-cutting measures. Now, under bankruptcy protection, Del Monte hopes to sell assets and restructure, but its future remains uncertain.

But for many, the move marks the end of an era for a once-dominant food empire.

FWD IPO Hong Kong

Richard Li’s FWD Group Holdings Ltd rose in its Hong Kong trading debut, reversing earlier declines, after an initial public offering (IPO) that raised HK$3.5 billion (US$442 million or RM1.9 billion).

The insurer’s stock climbed 1.1% to HK$38.40 on Monday, reversing a drop of as steep as 2.5%.

The debut comes after the tycoon — son of famed Hong Kong businessman Li Ka-shing — tried to take the company public in New York in 2021, which was abandoned after regulatory scrutiny. Subsequent efforts to list at home in Hong Kong were stalled as the city’s IPO entered a prolonged slump.

Now, with Hong Kong’s equity markets rebounding, Li is seizing a more favourable window to raise capital for the crown jewel of his business empire. Investors’ sentiment has been buoyed by a wave of multibillion-dollar deals, with IPOs and follow-on offerings raising US$37.4 billion so far in 2025 — the highest since the record-breaking year of 2021 and a sharp jump from US$5.1 billion during the same period last year.

The city’s stock benchmark, the Hang Seng Index, has risen about 20% for the year. Insurers have been particularly hot lately, with shares of AIA Group Ltd and Prudential plc each rising at least 35% since their April lows.

Richard Li, who founded the company in 2013, owns a 66.5% stake in FWD through various corporate entities. His stake in FWD accounts for two-thirds of his US$6.1 billion (RM25.8 billion) net worth at the IPO price, according to the Bloomberg Billionaires Index.

The insurer plans to use the proceeds to reduce debt, support growth and enhance its digital capabilities.

Indonesia Insurance Agent & Policy Data Base

Indonesia’s Financial Services Authority (OJK) has launched two new systems: the Insurance Agent Database and the Insurance Policy Database. It is said to be part of its digital transformation push. The policy database collects monthly data on life and general insurance policies.

The agent database provides a central, publicly accessible record of registered insurance agents, integrated with OJK’s licensing platform and verified via QR codes.

The policy database collects monthly data on life and general insurance policies through the APOLO reporting system, covering policyholder details, benefits, and risk management.

OJK says the move aims to improve supervision, data governance, and public trust.

The effectiveness of both systems will depend on active participation from insurers, agents, and industry stakeholders.

Bluebird Indonesia Soars

Indonesia’s PT Blue Bird Tbk (BIRD) reported a net profit of 167 billion rupiah (US$10.09 million) in Q1 2025, a 42% increase from last year. Revenue rose 16% year-on-year to 1.3 trillion rupiah (US$78.53 million). EBITDA grew by 25%, reaching 320 billion rupiah (US$19.33 million).

The revenue growth was driven by a 14% increase in the taxi segment and a 23% rise in non-taxi services. Bluebird’s fleet expanded to over 24,500 units, improving service availability in various cities. The company is focusing on sustainable mobility by adding more EV to its e-Bluebird and e-Goldenbird fleets.

Electric vehicle adoption proving to be a strategic advantage for taxi operators
Blue Bird’s expansion of electric vehicle fleets with e-Bluebird and e-Goldenbird aligns with a significant industry trend, as the global EV taxi market is projected to grow at a compound annual growth rate of 18.4% through 20321.

This transition comes as stricter emissions regulations worldwide push transportation providers toward electrification, with government policies creating both incentives and mandates.

Beyond regulatory compliance, EV taxis offer operational cost advantages compared to traditional combustion engine vehicles, potentially improving profit margins for operators investing in fleet conversion.

The company’s EBITDA growth of 25% suggests that its sustainability investments are contributing positively to financial performance, reflecting a trend seen across innovative transportation providers.

Digital platform growth becoming crucial revenue driver in transportation
Blue Bird’s reported 47% growth in MyBluebird app users reflects a broader industry shift toward digital-first customer engagement, as ride-hailing services increasingly compete on technological innovation rather than just fleet size.

The ride-hailing market is expected to reach between $175-203 billion globally in 2025, with digital payment adoption serving as a key accelerator of this growth. This trend is particularly strong in the Asia-Pacific region, which leads global ride-hailing market share, driven by urbanization and widespread smartphone adoption.

As customers increasingly expect seamless digital experiences, Blue Bird’s digital transformation appears to be successfully capturing this shift in consumer behavior, contributing to its strong quarterly performance.

Revenue diversification becoming essential strategy in evolving mobility landscape
Blue Bird’s 23% growth in non-taxi segments demonstrates how established transportation companies are finding success by expanding beyond their traditional core services.

This expansion aligns with the industry-wide trend toward “Mobility as a Service” (MaaS), where companies integrate various transportation options into unified service offerings.

The company’s business expansions—including Cititrans route development and new payment partnerships—reflect how successful operators are creating more comprehensive mobility ecosystems rather than focusing solely on vehicle operations.

With the shared mobility market projected to grow from $198.23 billion in 2024 to $217.80 billion in 2025, transportation providers with diversified service portfolios are better positioned to capture market share in this rapidly evolving landscape4.

Bankruptcy - No Ring-Fenced for Life Insurance

The daughter of bankrupt former Hin Leong Trading director Lim Chee Meng failed in a bid to shield three AIA Singapore insurance policies worth over half a million dollars from being part of Mr Lim’s bankruptcy estate.

Insured - Ms Michelle Lim Yan Yi, the granddaughter of Hin Leong founder Lim Oon Kuin, sought a High Court declaration that the three policies, worth over $521,000, should be ring-fenced from creditors’ reach because they were held on trust for her benefit by her father, who was declared bankrupt in December 2024.

The three policies are part of a set of eight insurance policies with AIA that Mr Lim Chee Meng had taken out when Ms Lim was a minor, under which he was the policy owner and she was the named insured.

Trust - But High Court Judicial Commissioner Mohamed Faizal found there was a lack of evidence of an intention on Mr Lim’s part, prior to his bankruptcy, to create a trust over the three policies for the sole benefit of his daughter. He found that the documentary evidence relied on by Ms Lim was “either self-interested representations” or “mere assertions”.

One document she relied on was an October 2021 letter from Mr Lim to ring-fence the eight policies from other assets that were subjected to a freezing order in a US$3.5 billion (S$4.45 billion) civil suit.

Another document adduced was an AIA letter dated October 2021 signed by a purported personal wealth manager, who asserted that “the eight policies belong to (Ms Lim), and are being held by Mr Lim Chee Meng on trust for (Ms Lim)”.

Ms Lim contended that the AIA letter would not have been issued unless her father had clearly conveyed his intention to create a trust.

But the judicial commissioner found “the letter was bare and bereft of details and merely asserted, without more, that the eight policies were held on trust”. Other documents Ms Lim relied on included an e-mail dated March 10, 2025, from Mr Lim to the trustees and part of his affidavit filed in 2024 for in which he asserted that he held the eight policies on trust for Ms Lim.

But the judicial commissioner pointed out that most of the documents she relied on as evidence were written by or on behalf of her father after his bankruptcy proceedings started.

“By that time, it would have been apparent that Hin Leong’s collapse could have extremely far-reaching financial consequences for all concerned, not least Mr Lim who was a director.”

The judicial commissioner noted: “It was at this point that Mr Lim started to insist that the eight policies were in fact not owned by him and should be deemed to be held on trust.”

Bankrupt Ring-Fenced Life Insurance - He pointed out: “The courts should be wary of such belated attempts by bankrupts to shield assets from creditors by retrospectively asserting the existence of trust arrangements without contemporaneous evidence.”

Mr Lim, along with his father and sister Lim Huey Ching, was declared bankrupt in December 2024, following a settlement of two lawsuits brought by Hin Leong’s liquidators and HSBC against the Lim family.

Their bankruptcy estates are being managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Singapore, who have taken the position that the three insurance policies vest in Mr Lim’s bankruptcy estate.

The trustees had asked Mr Lim and Ms Michelle Lim whether a third party would pay the bankruptcy estate the surrender value of the three policies, which was worth over $521,000 as at Jan 16.

If no third party would pay for them, the trustees would then terminate the policies and use the proceeds to pay his creditors. But Mr Lim and his daughter did not agree to this arrangement.