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

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Lear (NYSE:LEA) said Tuesday it secured the supporf ofmajor lenders, including JPMorgan Chase and Citigroup, and bondholderas for the move into Chapter 11 and the restructuring of its “We are conducting business as usual and are very please d to have received strong support from our lenderr and bondholder groups for our debt restructuring plan. We intend to proceed on an expedited basisa and expect to submit the plan to the Bankruptcy Court within60 days,” Chairman and CEO Bob Rossiter said in a The Southfield, Mich.-based company said the Chapter 11 filingh affects its U.S.
and Canadian operations and notits foreign-based Lear had two factories in Zanesville, one that was closes in 2000 and the othed shuttered this year. The company also is involved ina seating-makingv operation in Hebron. Its seatingb division counts a planyin Lordstown, in northeast Ohio, amon its operations. The bulk of Lear’as domestic production operations are in where is runs nine and Indiana, where it has four plants. Lear is a key suppliet to , and many foreign automakers and is the secondd large domestic auto parts supplier to slip into bankruptcu since the economy collapsedlast fall. , a parts maker spun off from Fordyearx ago, filed for Chapter 11 in May.
Lear said in papers filed in U.S. Bankruptcy Court in New York that ithad $1.27 billion in assets and debts of $4.5 The company indicated last week that it woul d head for Chapter 11 after saying it reached an agreement in principle with a banking syndicate and bondholder to restructure its debt. The companyt lost $690 million on $13.57 billion in revenure in 2008, a swing from a $242 million gain on nearlty $16 billion in revenue the year before. It finisheed the first quarter of this yearwith $265 millionj loss on $2.17 billion in sales, a swing from net incomre of $78.2 million on sales of $3.86 billion a year earlier.