Ontario Court Recognizes U.S. Bankruptcy Court’s Confirmation of Masonite’s Reorganization Plan

June 2nd, 2009 by Editor

Masonite International Inc. has announced that the Ontario Superior Court of Justice has issued an order recognizing and implementing in Canada the May 29 confirmation by the U.S. Bankruptcy Court of the company’s plan of reorganization. The Ontario Court also approved the Canadian corporate plan of arrangement.Masonite expects to emerge from Chapter 11 of the U.S. Bankruptcy Code and Companies’ Creditors Arrangement Act (CCAA) protection in Canada within the next few weeks, according to a statement issued by the company.

The company previously announced that both its term lenders and bondholders voted overwhelmingly in support of both the U.S. and Canadian plans, with 100 percent of the senior secured debtors and 99.99 percent of the bondholders voting in favor of the plans.

“These orders by the Ontario Superior Court of Justice and the U.S. Bankruptcy Court mark the final stages of Masonite’s restructuring, and we should expect to emerge from Chapter 11 and CCAA protection in just a few weeks,” said Fred Lynch, president and chief executive officer of Masonite. “As a result of this restructuring and the continued focus on our strategy, Masonite will emerge from this process a stronger, more competitive, more capable company.”

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