Masonite International To Restructure Israel Subsidiary - Quick Facts

(RTTNews) - Masonite International Corp. (DOOR) Thursday said the Board of Directors of Masonite Israel Ltd., its wholly-owned subsidiary, has 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 represented less than 1.0 percent of total consolidated net sales of Masonite International for the twelve months ended June 29, 2014 and is currently operating at a loss.