Masonite International Announces Restructuring of Israel SubsidiaryAugust 25th, 2014 by DWM Magazine
Masonite International Corp. announced that the Board of Directors of Masonite Israel Ltd., a wholly-owned subsidiary of Masonite International Corp., decided to voluntarily seek a Stay of Proceedings from the Israeli courts in an attempt to restructure the business. The court is expected to appoint a Trustee to oversee the operation of the business and to attempt to restructure it.
The action to seek court protection followed a comprehensive evaluation of the alternatives for the business, including an organized sale process that was ultimately unsuccessful.
Masonite Israel Ltd. represented less than 1.0 percent of total consolidated net sales of Masonite International Corp. for the twelve months ended June 29, 2014 and is currently operating at a loss.