Door Maker Masonite Plans To File For Ch. 11

Law360, New York (March 3, 2009, 12:00 AM EST) -- Masonite International Inc. said Tuesday that it had reached an agreement in principle with committees representing its bank lenders and noteholders on the terms of a restructuring plan, under which the company expects to seek bankruptcy protection and could cut its debt by nearly $2 billion.

Masonite said it anticipated filing for Chapter 11 protection in the U.S. and commencing similar proceedings in Canada pursuant to the Companies' Creditors Arrangement Act as a means to implement the plan.

The legal proceeding would be commenced after the...
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