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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.