Masonite secures extensions of bank lender, noteholder forbearances

By Caroline Salls

Pittsburgh, Feb. 3 - Masonite International Inc. has secured extensions to forbearance agreements with its bank lenders and holders of a majority of the senior subordinated notes due 2015 issued by two of the company's subsidiaries, according to a company news release.

Specifically, the lenders' forbearance was extended to Feb. 9 from Jan. 30, and the noteholders' forbearance to Feb. 13 from Jan. 31.

As previously reported, the lenders' forbearance covers non-compliance related to EBITDA metrics as of June 30, 2008 and Sept. 30.

Meanwhile, the noteholder forbearance relates to Masonite's default for failing to make an Oct. 15 interest payment on the senior subordinated notes.

The company said it is still exploring opportunities to develop an appropriate capital structure to support its long-term strategic plan and business objectives.

Masonite is a Mississauga, Ont.-based manufacturer of residential and commercial doors.

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