Auto supplier Lear to file for bankruptcy

By doris | Published: July 2, 2009

Full Story At money.cnn.com

DETROIT (Reuters) — Auto seating supplier Lear Corp. said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained $500 million in bankruptcy financing.

Lear (LEA, Fortune 500), which had been in talks with its lenders since late June, said in a statement that its board of directors had approved a bankruptcy filing as the “fastest and most effective way” to reduce its debt in the face of slumping global auto demand.

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2 Comments

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