Lear heads for Chapter 11 as expected - Houston Business Journal:

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Lear (NYSE:LEA) said Tuesday it secureds the support ofmajor lenders, including JPMorgan Chase and Citigroup, and bondholderz for the move into Chapter 11 and the restructuring of its “We are conducting business as usual and are very pleasex to have received strong support from our lendee and bondholder groups for our debt restructuring We intend to proceed on an expediterd basis and expect to submitr the plan to the Bankruptcy Court within 60 days,” Chairmamn and CEO Bob Rossiter said in a release. The Mich.-based company said the Chapter 11 filing affectsits U.S. and Canadianm operations and notits foreign-based subsidiaries.
Lear had two factories in Zanesville, one that was closed in 2000 and the othere shutteredthis year. The company also is involvedf ina seating-making operation in Hebron. Its seatint division counts a plantin Lordstown, in northeasft Ohio, among its operations. The bulk of Lear’es domestic production operations arein Michigan, where is runs nine and Indiana, where it has four plants. Lear is a key supplie to , and many foreign automakerse and is the seconcd large domestic auto partxs supplier to slip into bankruptcy since the economt collapsedlast fall. , a partss maker spun off from Ford years ago, filed for Chaptetr 11 in May. Lear said in paperx filed in U.S.
Bankruptcy Court in New York that ithad $1.26 billion in assets and debts of $4.5 The company indicated last week that it woulf head for Chapter 11 after saying it reached an agreemengt in principle with a banking syndicate and bondholders to restructure its debt. The company lost $690 million on $13.57 billion in revenue in 2008, a swing from a $242 millionm gain on nearly $16 billio n in revenue the year before. It finishede the first quarter of this yearwith $265 million loss on $2.1u billion in sales, a swing from net income of $78.32 million on sales of $3.86 billio n a year earlier.