Doors opening

18 November 2008 By Lauren Silva

KKR s Masonite is the latest LBO in trouble. Many others are staring at bankruptcy. Buyout firms must decide whether to inject more cash into companies or let them go belly up. With few opportunities elsewhere, anteing up may be wise, even if it doesn t mint big fees.

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Masonite International said it had entered into a forbearance agreement with its senior subordinated note holders. Under terms of the pact, which is effective through December 31, 2008, the noteholders agreed they will not exercise rights and remedies against the company solely with respect to its failure to make the interest payment due on October 15. Masonite said it expects the forbearance agreement will provide the company additional time and flexibility as it continues to pursue opportunities to develop an appropriate capital structure.

As of Novermber 11, 2008, Masonite had approximately $205m in cash on hand.

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