Make us your home page

Masonite emerges from bankruptcy reorganization

Masonite International Corp. is opening the door to a new, financially healthy start.

The long-struggling Canadian doormaker, which runs its international headquarters out of Tampa, has emerged from Chapter 11 bankruptcy reorganization.

The trip through bankruptcy court, which lasted only 85 days, leaves Masonite with a much cleaner balance sheet. The company slashed its debt from $2.2 billion in March to $11.3 million of term debt and less than $2 million of other debt at foreign subsidiaries. It plans to immediately pay off the $11.3 million, leaving it with cash on hand of more than $140 million. Moreover, Masonite said, it expects to close soon on a revolving credit line of up to $150 million.

Masonite CEO Fred Lynch said not only did Masonite beat its goal of reorganizing within 120 days, but it emerges as a much stronger company "better positioned for the future."

At respective court hearings to confirm the reorganization plan, both Judge Peter J. Walsh of the United States Bankruptcy Court and Justice Colin L. Campbell of the Ontario Superior Court of Justice praised Masonite and its lenders for their cooperation.

"In terms of deleveraging the balance sheet and in terms of the absence of any serious disputes and in terms of the vote, I haven't seen one like this in 10 years," Judge Walsh said of the restructuring.

KKR bought Masonite for $1.9 billion in 2004, before the home furnishing and home repair industries were crippled by the real estate downturn. The company has shrunk from a high of 15,000 employees worldwide in 2006 to less than 10,000. It has fewer than 100 employees in Tampa.

Jeff Harrington may be reached at or (727) 893-8242.

Masonite emerges from bankruptcy reorganization 06/10/09 [Last modified: Wednesday, June 10, 2009 4:29pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. CBO analysis: 23 million would lose health coverage under House-passed bill


    WASHINGTON — The Republican health care bill that passed the House earlier this month would nearly double the number of Americans without health insurance over the next decade, according to a new analysis by the nonpartisan Congressional Budget Office.

    Demonstrators protests the passage of a House Republican health care bill, outside the the Capitol in Washington, on May 4. The House took the unusual step of voting on the American Health Care Act before the Congressional Budget Office could assess it. That analysis was released Thursday and it showed the bill would cause 23 million fewer people to have health insurance by 2026. Many additional consumers would see skimpier health coverage and higher deductibles, the budget office projected.
  2. Florida Specialty Insurance acquires Pinellas Park's Mount Beacon Insurance


    Tens of thousands of homeowners who were pushed out of Citizens Property Insurance for a private carrier since 2014 are finding themselves changing insurance companies yet again.

  3. Marijuana extract Epidiolex helps some kids with epilepsy, study shows


    A medicine made from marijuana, without the stuff that gives a high, cut seizures in kids with a severe form of epilepsy in a study that strengthens the case for more research into pot's possible health benefits.

    An employee checks a plant at LeafLine Labs, a medical marijuana production facility in Cottage Grove, Minn. [Associated Press (2015)]
  4. St. Pete Economic Development Corporation lures marketing firm MXTR to town

    Economic Development

    St. Petersburg Economic Development Corporation has lured its first big catch to St. Petersburg — MXTR Automation. The digital marketing company announced Wednesday that it will fill 20 "high-wage" creative positions within the next 18 months, as well as open an office in downtown St. Petersburg this year.

  5. United Airlines CEO to investors: We'll be more focused on customers


    CHICAGO — The CEO of United Airlines assured shareholders Wednesday that the company is doing all it can to be more customer-friendly since video surfaced of a passenger being violently ejected from a plane last month.

    Chicago Police arrest protesters after they sat down in a busy street blocking traffic outside a United Airlines shareholders meeting Wednesday, in downtown Chicago. The people who were arrested were protesting the low pay of employees of companies that provide meals and other services for United Airlines at Chicago's O'Hare Airport.
[Associated Press]