Goodfood, the Montreal-based company that specializes in ready-to-cook meals, is seeking creditor protection while looking for a potential buyer or new capital.

The company made the announcement on Wednesday, just before markets opened.

The company has asked Quebec Superior Court to authorize the sale and investment solicitation process under the Companies’ Creditors Arrangement Act (CCAA).

“After carefully considering the available alternatives, Goodfood determined that a restructuring under the CCAA offers the best opportunity to preserve value, maintain business continuity and continue implementing its operational turnaround plan,” the company wrote in a statement on Wednesday.

No transaction has been selected or approved as of Wednesday, the company added.

Goodfood intends to continue its operations during this process.

The company employs 230 people in Montreal, Calgary and Mississauga, Ont.

In Wednesday’s news release, Goodfood announced that one of the members of its board of directors, Terry Yanofsky, resigned as of Tuesday.

On Monday, the company annonced the resignation of Selim A. Bassoul, who had served as both a board member and the company’s chief executive officer.