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Masonite Doors Home Depot Canada
NEW YORK, March 2 (Reuters) - Masonite International Inc, a Canadian aperture maker endemic by clandestine disinterestedness close Kohlberg Kravis Roberts & Co. [KKR.UL], has accomplished an acceding in assumption with committees apery its anchored lenders and bondholders on agreement of a restructuring plan, two sources accustomed with the amount said on Monday.
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The plan aims to abate the company’s debt from $2.2 billion today to about $300 million. It will additionally abate the company’s anniversary banknote absorption amount by $145 million, one of the sources, who is accustomed with the company, said.
To apparatus the plan, Masonite affairs to admit a autonomous Chapter 11 filing in the U.S. and Canada, although no date has been set for that action, the antecedent said.
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The plan additionally calls for Masonite’s vendors and barter creditors to be paid in full, the antecedent said.
The aggregation is not gluttonous a debtor-in-possession accommodation because it has added than able banknote on duke of $160 million, the antecedent said.
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The Wall Street Journal website had appear beforehand on Monday that the aperture maker was planning to book for defalcation aegis to cut its debt.
KKR bought Masonite in 2005 and took it clandestine for added than $2.7 billion, according to the Journal
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The aggregation started accident money from 2005 alee due to ascent actual prices and slowing sales, according to the Journal, which said that in 2007 Home Depot (HD.N), again its better customer, switched to addition aperture supplier.
Reporting by Megan Davies; added advertisement by Sinead Carew; Editing by Kim Coghill
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