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Masonite Seeks To Shed $2B In Debt Through Ch. 11

Law360 (March 16, 2009, 12:00 AM EDT) -- Door maker Masonite International Inc. sought bankruptcy protection in the U.S. and filed related proceedings in Canada to implement a prenegotiated plan under which the company expects to shed nearly $2 billion in debt.

Masonite International and numerous affiliates filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware on Monday, and sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice. Masonite International Inc.'s Chapter 11 filing listed assets of $1.53 billion and debts of $2.64...
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