EDMONTON, Alberta — Planet Organic Health Corp., which operates a chain of natural and organic stores here, on Friday sought protection from creditors under Canada’s Companies’ Creditors Arrangement Act (CCAA).
The company said an Ontario court has provided the company with protection for an initial period of 30 days expiring May 27. Planet Organic sought protection stemming from a $31.1 million (U.S.) debt to its principal lender, Catalyst Capital Group.
The company said the event would not affect its stores doing business under the Mrs. Green’s name in the U.S. Northwest. The company runs nine Planet Organic stores in Canada and 11 under the Mrs. Green banner in the U.S.
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