Lear Corp. (US:LEA) said late Wednesday
Posted 11-05-2012 at 06:31 AM by marcitize12
Lear Corp. (US:LEA) said late Wednesday it plans to file for Chapter 11 bankruptcy protection and will restructure its debt under court supervision. The automotive parts company also secured $500 million in debtor-in-possession financing from a group led by J.P. Morgan and Citigroup. Lear's subsidiaries outside the U.S. and Canada will not be part of the bankruptcy filing. "The company's operations outside the United States and Canada are well-capitalized, well-positioned and have a strong backlog of new business," the company said.
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