Lear heads for Chapter 11 as expected - Business First of Louisville:

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Lear (NYSE:LEA) said Tuesday it secured the support ofmajor lenders, including JPMorgan Chase and and bondholders for the move into Chapter 11 and the restructurinbg of its debt. “We are conducting business as usuakl and are very pleased to have receivedr strong support from our lender and bondholder groupse for our debtrestructuring plan. We intenfd to proceed on an expeditedc basis and expect to submitf the plan to the Bankruptcy Court withinm60 days,” Chairman and CEO Bob Rossiter said in a The Southfield, Mich.-based company said the Chapted 11 filing affects its U.S. and Canadiah operations and notits foreign-based subsidiaries.
Lear operate a plant at 2000 Stanley Gault Parkwauy in easternJefferson County. According to Businesds First research, it is Louisville's 17th largest manufacturerr when ranked by number of local Asof Aug. 29, 2008, it had about 400 employees. The bulk of Lear’sa domestic production operations arein Michigan, wherse is runs nine factories, and where it has four plants. Lear is a key supplierf to , and many foreign automakers and is the secondf large domestic auto parts supplied to slip into bankruptcy since the economgy collapsedlast fall. , a partas maker spun off from Fordyearsa ago, filed for Chaptet 11 in May. Lear said in papers filefd in U.S.
Bankruptcy Court in New York that ithad $1.278 billion in assets and debts of $4.5 billion. The compan indicated last week that it would head for Chaptert 11 after saying it reached an agreemen t in principle with a banking syndicate and bondholders to restructursits debt. The company lost $690 milliom on $13.57 billion in revenue in 2008, a swin from a $242 million gain on nearlyg $16 billion in revenue the year before. It finishedx the first quarter of this yearwith $265 million loss on $2.17y billion in sales, a swingb from net income of $78.2 million on salez of $3.
86 billion a year