News & Events
Restructuring Information
With the strong support of our secured lenders and bondholders, Masonite is proceeding with a “pre-negotiated” restructuring plan that will allow us to reduce our debt substantially, strengthen our balance sheet and create an appropriate capital structure to support our long-term business objectives. Under the plan, we will reduce our debt by nearly $2 billion, from $2.2 billion today to up to $300 million upon consummation of the plan, and lower our annual cash interest expense by $145 million.
In order to provide a legal pathway to implement the debt restructuring plan, on March 16, 2009, Masonite voluntarily initiated reorganization proceedings under Chapter 11 in the U.S. and under the Companies’ Creditors Arrangement Act (CCAA) in Canada.
We plan to continue normal business operations during the restructuring. We expect to emerge from this process within several months as a stronger, financially healthier company better positioned to invest in and grow our business over the long term.
Press Releases
| 06.01.09 | |
Ontario Superior Court of Justice Recognizes U.S. Bankruptcy Court’s Confirmation of Masonite’s plan of Reorganization and approves Masonite's Canadian Plan of Arrangement Company Expects to Emerge from Bankruptcy within Next Few Weeks. |
|
|
| 05.29.09 | |
U.S. Bankruptcy Court Confirms Masonite’s Plan of Reorganization Similar Approval Will Be Sought from the Ontario Superior Court of Justice on Monday. Masonite Expects to Complete Debt Restructuring Within Next Few Weeks. |
|
|
| 04.16.09 | |
Masonite Receives Final Court Authorization to Continue to Meet Obligations to Suppliers, Customers and Employees Company Remains On Track To Complete Financial Restructuring Within A Few Months... |
|
|
| 03.18.09 | |
Masonite Receives Interim Court Authorization to Continue Paying Suppliers in the Ordinary Course Also Receives Authorization To Utilize Its Cash Collateral To Meet Ongoing Obligations To Suppliers, Employees and Customers. Over $150 Million Cash On Hand As Of March 12, 2009. |
|
|
| 03.16.09 | |
Masonite Receives Strong Support from Bank Lenders and Bondholders to Proceed with Debt Restructuring Plan Once Completed, Plan Will Eliminate Nearly $2 Billion in Debt and Lower Annual Interest Expense by Approximately $145 Million. To Implement Restructuring, Company Initiates Voluntary Reorganization Proceedings Under Chapter 11 in the U.S. and CCAA in Canada. |
|
|
| 03.03.09 | |
Masonite Reaches Agreement in Principle with Committees Representing its Bank Lenders and Bondholders to Significantly Reduce its Debt Agreement To Enable Company To Eliminate Nearly $2 Billion In Debt And Implement An Appropriate Capital Structure To Support its Long-Term Strategic Plan and Business Objectives... |
Customer Information
Additional information for Masonite Customers is available at the following links:
Frequently Asked Questions for Customers
A Letter To Our Customers
Supplier Information
Additional information for Masonite Suppliers is available at the following links:
Notice To Suppliers Regarding Solicitation By Third Parties – March 23, 2009
Supplier Update – March 19, 2009
Frequently Asked Questions for Suppliers
A Letter To Our Suppliers
Retiree Information
Additional information for former Masonite employees and retirees is available at the following link:
Frequently Asked Questions for Retirees
Court Filings and Other Case Information
Information about the reorganization proceedings, including court filings, is available at the following link:
Court Filings and Other Case Information