Masonite International Israeli unit looks to restructure; stay sought

By Caroline Salls

Pittsburgh, Aug. 21 – Masonite International Corp. said the board of directors of wholly owned subsidiary Masonite Israel Ltd. decided to seek a stay of proceedings from the Israeli courts in an attempt to restructure the business.

According to a news release, the court is expected to appoint a trustee to oversee the operation of the business and to attempt to restructure it.

Masonite said the decision to seek court protection followed a comprehensive evaluation of the alternatives for the business, including an organized sale process that was ultimately unsuccessful.

Masonite International is a Mississauga, Ont.-based door manufacturer.

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