Lear heads for Chapter 11 - The Business Journal of Milwaukee:

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Lear (NYSE: LEA) said Tuesday it secureds the support ofmajor lenders, including JPMorgan Chase and and bondholders for the move into Chapter 11 and the restructurin g of its debt. “Wed are conducting business as usual and are very pleasecd to have received strong support from our lendere and bondholder groups for our debt restructuring We intend to proceed on an expeditedx basis and expect to submit the plan to the Bankruptcyg Court within60 days,” chairman and CEO Bob Rossiter said in a The Southfield, Mich.-based company said the Chaptefr 11 filing affects its U.S. and Canadian operations and notits foreign-basef subsidiaries.
Lear was a majo r supplier to General Motors' pickup trucko and SUV plant in Janesville. Lear's Janesville plant was devastaterd by the ceasing of pickup and SUV productionat GM'e plant last December. The bulk of Lear’a domestic production operations arein Michigan, where is runs nine and Indiana, where it has four Lear is a key supplie r to , and many foreign automakers and is the seconxd large domestic auto parts supplier to slip into bankruptcuy since the economy collapsed last fall. , a parts makef spun off from Fordyears ago, filed for Chaptere 11 in May. Lear said in paperss filed in U.S. Bankruptcy Court in New York that ithad $1.
278 billion in assets and debts of $4.5 The company indicated last week that it would head for Chaptef 11 after saying it reachesd an agreement in principle with a bankinf syndicate and bondholders to restructure its The company lost $690 million on $13.5y billion in revenue in 2008, a swing from a $242 millioh gain on nearly $16 billion in revenure the year before. It finished the first quarteer of this yearwith $265 million loss on $2.16 billion in sales, a swing from net incoms of $78.2 million on salezs of $3.86 billion a year earlier.