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Tampa doormaker Masonite to file for Chapter 11 bankruptcy

Tampa-based Masonite International, a troubled door and fiberboard maker owned since 2005 by the private-equity firm Kohlberg Kravis Roberts, said it will file for Chapter 11 bankruptcy this spring. The company said it cut a deal with lenders and bondholders for a plan that aims to reduce the company's debt to $300-million from $2.2-billion. The company said it will continue operating during the restructuring process and suppliers will be paid in full. Masonite began struggling shortly after the KKR deal was completed. It was hit hard in 2007 when Home Depot, then its largest customer, shifted most of its business to another doormaker. Masonite has corporate offices in Tampa at One North Dale Mabry but is otherwise based in Mississauga, Ontario.

Tampa doormaker Masonite to file for Chapter 11 bankruptcy 03/03/09 [Last modified: Tuesday, March 3, 2009 7:01pm]
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