EDMONTON, Alberta — An Ontario court has approved the sale of natural and organic food chain Planet Organic to its largest creditor, Catalyst Capital Group. Planet Organic received no cash in the deal but had owed more than $32 million to Catalyst as a result of its convertible notes.
Catalyst acquired all assets of the nine Planet Organic stores in Canada and all the shares of the subsidiary operating 11 Mrs. Green’s Natural Markets in the U.S.
In conjunction with the transfer, Planet Organic said board members Brent Knudson and Ian Newton had resigned, and Darren Krissie would resign shortly. Knudson and Krissie formerly comprised the office of the chief executive at Planet Organic. Krissie was a co-founder of the company and also served as its executive vice president.
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