Lear Corp. shares tumbled late
Posted 11-05-2012 at 06:32 AM by marcitize12
Lear Corp. shares tumbled late Wednesday after the automotive parts supplier said it planned to restructure in bankruptcy, and shares of Illumina Corp. sank after the company cut its quarterly revenue forecast. Lear (US:LEA) shares fell 35% to 31 cents in heavy trading of more than 2.8 million shares exchanged. The company said it planned to file for Chapter 11 bankruptcy and will restructure its debt under court supervision. It also secured $500 million in debtor-in-possession financing from a group led by J.P. Morgan and Citigroup.
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