In the News The Globe and Mail

Leaner Masonite to Exit Bankruptcy Protection

"Door maker Masonite International Corp. is set to emerge from an ultraquick trip through creditor protection shorn of its crippling debt, but the unforgiving decline in the housing market means growth may be hard to come by.

Masonite is expected to come out of creditor protection today, about 75 days after the company filed for shelter because of its overwhelming $2.2-billion (U.S.) debt load.

'The housing start numbers continued to drop and drop fast, and it became very clear as we were negotiating that we would not be able to have much debt on the company,' said Jonathan Henes, a lawyer at Kirkland & Ellis in New York who worked on the deal."

This article appeared in its entirety in the June 9, 2009 edition of The Globe and Mail