Planet Organic Health Corp. Executive VP Darren Krissie has announced that the Company continues to operate in default under its credit facilities. As part of the company's strategic review of the sale of assets, the Company is in late stage discussions regarding the sale of certain non-core assets. Watch for more on this story in an upcoming issue of ihr.
____________________
Planet Organic Health Corp.: Corporate Update
EDMONTON, ALBERTA--(Marketwire - Feb. 1, 2010) - Planet Organic Health Corp. (TSX VENTURE:POH), Mr. Darren Krissie, Executive Vice President of Planet Organic Health Corp. (the "Corporation"), announces that the Corporation, as previously reported in Stockwatch, continues to operate in default under its credit facilities and accordingly the lenders have the legal right to demand repayment of all indebtedness and enforce their security over all of the Corporation's assets. To date the Corporation has not been successful in arranging financing from other sources to meet its debt obligations to the lenders. The Corporation is reviewing all financing options in order to eliminate its aggregate debt load. As part of the company's strategic review of the sale of assets, the company is in late stage discussions regarding the sale of certain non-core assets. In all cases it is the intent and expectation that all aspects of the business will continue as operating entities subsequent to the Corporation's reorganization and that the Corporation's current cash flows and access to lines of credit enable it to remain current in its obligations.
Additionally, the Corporation announces that Ron Francisco has resigned from the board of directors.
Source: Planet Organic/Marketwire Press Release
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment