Masonite's reorganization plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, May 26 - Masonite Corp.'s plan of reorganization was accepted by a majority of voting creditors, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

All 161 holders of $1.404 billion in senior secured claims voted to accept the plan, as did 101 holders, or 97.12% in number, of $665.71 million, or 99.99% in amount, of senior subordinated notes claims.

Meanwhile, three holders, or 2.88% in number, of $36,000, or 0.01% in amount, of the senior subordinated notes voted to reject the plan.

The plan confirmation hearing is scheduled for May 29.

Masonite, a Mississauga, Ont.-based manufacturer of residential and commercial doors, filed for bankruptcy on March 16. Its Chapter 11 case number is 09-10844.

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