Masonite Files Chapter 11

WILMINGTON, Del. (CN) – Masonite Corp. filed for Chapter 11 bankruptcy Monday, listing $2.6 billion in debts and $1.5 billion in assets. The door and fiberboard maker was taken over by buyout specialists Kohlberg Kravis & Roberts in 2005. Masonite’s recovery plan “wipes out equity investors,” Reuters news service reported. It employs about 8,500 people, 4,500 of them in the United States and Canada.