Aug 21, 2014. /Lesprom Network/. Masonite International Corporation announced that the Board of Directors of Masonite Israel Ltd., a wholly-owned subsidiary of Masonite International Corporation, 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, as the company said in the press release received by Lesprom Network. 

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 Ltd. represented less than 1% of total consolidated net sales of Masonite International Corporation for the twelve months ended June 29, 2014 and is currently operating at a loss.

Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets.