Masonite Gets Extension into New Year
Facing a year-end deadline that could have forced the company into bankruptcy proceedings, Masonite International Inc. has entered into an extension of a forbearance agreement it reached with creditors in November. Under the new agreement, lenders have agreed not to exercise their rights against the door maker until the end of January.
In a Dec. 31 announcement, Masonite also reported it submitted a draft business plan to lenders that provides for an extension of a separate forbearance agreement with the lenders to Jan. 15.
With additional time, Masonite will continue to pursue opportunities to develop an appropriate capital structure to support its long-term strategic plan and business objectives, executives noted.