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. Have your say Tampa Bay on the region's future transit options

    Mass Transit

    TAMPA — It's time, yet again, for Tampa Bay residents to tell officials what kind of transit options they want for their region.

    The Cross-Bay Ferry docks at the Tampa Convention Center on its maiden voyage on Nov. 1, 2016. A regional premium transit study will determine whether a ferry, or other options such as express buses or light rail, would be a good addition to Tampa Bay. [SCOTT KEELER  |  Times]
  2. SOCom seeks civilian drone pilots to develop new technology through ThunderDrone


    TAMPA — For the last three years, Nicole Abbett has been using drones as part of her photography business, with clients like the city of Tampa and construction companies.

    Josh Newby, 31, Palm Harbor, of Tampa Drones fly's a drone in England Brothers park, Pinellas Park, 8/25/16. As drone popularity increases as a hobby and business, local governments are navigating a legal grey area- where, when, and how should drone flights be allowed?
  3. New apartment complex delivers unique floor plans


    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.
  4. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  5. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.