Planet Organic to Sell to Creditor

Planet Organic will seek court approval to sell all its assets to Catalyst Capital Group in exchange for forgiveness of its debts, the company said Friday.

EDMONTON, Alberta — Planet Organic will seek court approval to sell all its assets to Catalyst Capital Group in exchange for forgiveness of its debts, the company said Friday.

Planet Organic filed for protection under Canada’s Companies Credits Arrangement Act last month after it defaulted on more than $31 million in loan debt to Catalyst.

Planet Organic said it would work with Catalyst to restructure its financial affairs, and that the event would not affect operations at its stores in Canada or in the U.S., operating under the Planet Organic and Mrs. Greens banner, respectively.

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